Most small businesses can expect to pay between $500 and $3,000 annually for basic commercial insurance cost, according to a report by ISU Armac Insurance Services.
General liability, workers’ compensation and commercial property insurance run businesses roughly $42, $45 and $67 monthly, respectively, while commercial auto costs business around $147 each month.
“Industry hazard level plays a huge role in what you’ll pay. A computer repair shop handling valuable customer equipment typically pays more for general liability than, say, a consulting business,” ISU Armac said in the report. “Restaurants face higher rates because of fire risks and the potential for customer injuries. Construction companies often pay double the average for property insurance simply because of the risks associated with their equipment and operations.”
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
