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One of the biggest concerns many small businesses have is the cost of insurance. It’s something you absolutely need, but how much can you really afford? As with any type of insurance, there are a number of factors that go into evaluating the cost of small business insurance. About half of the small businesses in the US pay between $ 400 and $ 600 a year for general liability insurance. However, you could still end up paying less or more per year depending on the number of employees and the type of industry you are involved in.
High-risk industries like construction are going to be stuck with higher premiums, while low-risk industries get the lowest rates. There are usually ways to save, especially if you choose a good business insurance provider. Just use the internet search tools to get quotes. Additionally, companies with a physical store or facility open to the public are at greater risk than professionals working from a home office.
Businesses with physical locations open to the public generally have to pay more money for insurance in the event someone is injured on the property. There are also things to worry about like theft, falling objects, vandalism, fire, and damage caused by the weather.
What does the cost of small business insurance include?
Even if you operate from home, this does not mean that you are completely invulnerable to demands. There is always the possibility of being accused of things like plagiarism, copyright infringement, defamation, etc. If you have any vehicle that is used for business, even if it is yours, you will need insurance for that too. Have employees you send out on errands? What if they are injured on the job? Or accidentally damage a customer’s equipment? Consider all of these factors when evaluating the cost of small business insurance.
Some business and professional insurance companies make things simple by offering custom insurance plans for each industry. You can choose a policy that is already designed for a small business in your industry, with the exact type of coverage you need.
There are proactive things you can do to help lower the cost of small business insurance:
• Invest in security products.
• Develop a safety training program for employees.
• Compile a list of rules for posting on social media and make sure your employees understand the rules.
• Reduce potential hazards on the property
• Create a checklist for procedures relevant to your industry and company.
Where should you start your search for small business insurance costs? Definitely start with Hiscox Business Insurance. There are custom plans in every type of industry possible. It’s easy to find the ideal solution and save money with this organization.