Business Insurance

General Liability Insurance Cost: Overview of BOPs, Median Costs, Discount Options, & More

There is always going to be a need for quality liability insurance for every business. It doesn’t matter how small your company is, or what types of operations are involved, you will need some basic coverage at the very least. The median general liability insurance cost annually, regardless of policy limits, is somewhere around $500. It can be significantly lower or higher, depending on the industry and risks involved. The number of employees also plays an important role since the more people involved in your operation, the greater the risk of a financially involved incident.

Even if you’re a professional freelancer and work by yourself, you still might need some sort of liability to protect you from potential risks relevant to your profession. Overall, those involved in photography / video types of professions tend to pay the least liability insurance costs, and construction associated businesses and contractors tend to pay the highest amount.

Is there a way to save? Are there discounts available to help bring down general liability insurance cost? One thing to consider is to bundle multiple policies from the same provider. A BOP (business owners policy) bundles property insurance and commercial general liability together at a discount price. This is usually considered a smart idea for small businesses.

General Liability Insurance Cost for Employers

If you have employees, take proactive measures to protect them as well as the environment in which they work. This can be done by developing a thorough safety training program for your workers, investing in surveillance and security systems, installing sprinklers, and so forth.

How do you know which provider is right for you? Look for things like flexible payment options, customer service, claims responsiveness, and tailored insurance designed to suit the types of risks associated with your particular field. With flexible payment options, you might get the option of either making monthly payments if you would prefer those rather than an annual payment. Ideally, there should be no additional fees involved for paying monthly instead of annually.

There are a few other things that factor in the general liability insurance costs. For instance, the age of your business and whether or not you’ve filed claims in the past might play a role. If you have a history of making claims, even with old businesses in the past, that could make you a “riskier” applicant and affect your chances of getting affordable coverage.

The place to really get started, and to learn more about general liability insurance cost, is Hiscox Business Insurance. They offer worldwide coverage (as long as the claims are filed in the US / Canada / US territories). Hiscox reviews are also overwhelmingly positive.

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