Depending on how large the business is and the types of policies that the company requires, business insurance can cost between as low as $100 per month for a small business and up to $100,000 per month for large corporations.
The type of business and the services it offers also affects the premium that a business owner needs to pay. For example, construction companies are considered as high-risk because their employees often work with power tools that can endanger them and the properties of clients. On the other hand, a business that offers web design services is not as risky, and its premium may not cost as high as a high-risk business.
Businesses with more employees can also expect to pay more significant premiums because the risk of exposure to incidents increases the more employees there are. Companies with employees need to have workers’ compensation coverage, which is a requirement in most states.
For any business, it is crucial to get a policy that is affordable yet provides adequate coverage. Paying for coverages that the business doesn’t need will bloat the monthly cost of insurance. Understanding the business and pinpointing the required policies can help ensure that the business saves on insurance costs without being underinsured.
To give you a better idea of which types of policies you might need, here is a list of the most common types of business insurance and why your business might need them:
Having the proper coverage is vital no matter how small, or large a business is. Business insurance can help protect your business from financial ruin, which is why you need to ensure that your business is covered all the time.
Get in touch with us now and let Assured Standard business insurance protect your investment.