How much will a Business Owner Policy cost per month?

Owning your own business may be the American dream, but it comes with risk. A fire or flood, liability claim, or interruption of business all have the potential to spell disaster unless you’ve got general liability insurance. Whether you plan to hire one or a thousand people, protecting your business and employees with business owner’s insurance (BOP) is one of the most important parts of starting your own company. How much it will cost per month depends on the coverage you get.

General liability insurance, regardless of policy limits, will cost a small business owner, on average,under $75.00 per month. However, monthly rates for BOP do depend largely on the type of business you’re running. Businesses that work with other people’s property like a cleaning service, or those that have a lot of foot traffic such as a restaurant, will cost more to insure. Basically, the more people and property that the policy will need to cover in the event of damage or injury, the higher the premium.

Other factors to consider when estimating a budget for business owner insurance are how high you want the coverage limits to be, do you need auto insurance on company vehicles, and are you required by law to carry workmen’s compensation insurance?

A few questions to answer

Business owner policies are a good option for small companies because they’re pre-packaged policies that cover the basics such as property, liability, and business interruption. The risk assessment with your type of business and the coverage amounts you want on both the basic areas of coverage and any add-ons such as car insurance will all be considered when when the insurance carrier calculates your BOP costs per month.

Of course, the premium cost will also vary among insurance companies, so comparison shopping is always recommended. Getting the best coverage for your business can be an involved process, and likely to take more time than you’d like to spend. The easy answer to that problem is to work with an independant broker who knows the industry very well, but will not limit your options to include only the company for which they work.

Getting the right amount of coverage for your business

One of the biggest benefits to working with Dan Fraisse is that he is a business insurance expert, with numerous of years in the field and an excellent working knowledge of both insurance companies and the packages they offer, but he is not influenced or beholden to any insurer. As an independent agent, his only objective is to make sure your business gets the right amount of coverage at the lowest cost.

Call or click on the website today and let Dan help get you the best rates on your business insurance.