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Commercial Auto Liability Coverage Usa – The cost of general liability insurance varies depending on your business operations and policy limits, among other factors. Small businesses pay about $42 per month for this policy.
Small businesses pay an average cost of $42 per month, or about $500 per year, for general liability insurance.
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Our figures are derived from the average cost of policies purchased by customers from major insurance companies. The median offers a better estimate of what your business is likely to pay because it excludes high and low premiums.
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Welcome! A general liability insurance policy is essential if you open your business to the public, manage customer property, or rent or own commercial property.
While small business customers pay an average of $42 per month for general liability insurance, 29% pay less than $30 and 41% pay between $30 and $60 per month.
If you want car insurance that pays for a wide range of damages, you have to pay more for it. The same rule applies to commercial liability insurance. If you want a policy that covers more expensive accidents and lawsuits, expect to pay more than you would for basic coverage.
General liability insurance with limits of $1 million/$2 million is the most popular option for small businesses. This includes:
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Most customers (91%) choose a policy with $1 million/$2 million limits. Five percent of our customers choose a policy with $2 million/$4 million limits, the next most popular choice.
When purchasing a policy, it’s a good idea to make sure the deductible is something you can easily afford. If you can’t pay for it in a crisis, your insurance won’t kick in to cover your liability claim. The average deductible that customers select for general liability insurance is $500.
The right amount of coverage depends on your business needs. You want coverage that covers a potential lawsuit, without buying more than you need. Chat with a licensed insurance agent if you’re not sure what limits are right for your business.
Where your business is located can play a big role in the premium you pay. For example, businesses located in areas with higher crime rates or increased foot traffic may have to pay higher premiums than those located in areas where these factors are lower.
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Premiums may also vary slightly depending on your state. For example, small business owners in Virginia pay an average of $36 per month for general liability insurance, while businesses in Colorado have an average premium of $49 per month.
While general liability is recommended for many small businesses, most states require by law that small business owners carry workers’ compensation if they have employees, and commercial auto insurance if they have business vehicles.
Our analysis of general liability insurance costs reveals that for small businesses, your industry has the biggest impact on your premium. In general, insurance companies charge higher-risk industries, while low-risk industries enjoy lower rates.
For example, brick-and-mortar retailers open to the public are exposed to more risk than IT consultants who work from a home office. The graphic below illustrates how the type of business affects what you will pay for a general liability insurance policy.
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Depending on the industry you work in, such as construction or cannabis, your state may require you to carry general liability insurance. For other businesses, such as those in real estate, insurance, or health care, you may need professional liability insurance (also called errors and omissions insurance) before you can get a license.
Construction, cleaning and landscaping companies have the highest general liability costs because they often do work that involves other people’s property. General liability policies can pay for damage that you or your employees cause to someone’s property.
A general liability insurance policy is a must-have to protect against the potentially devastating costs of a lawsuit for bodily injury or property damage. In any business, a visitor could trip and suffer an injury. If the visitor sues, the legal costs can escalate to the point where they could sink your business.
Even if no one outside of your company visits your office, someone could still hold your business liable for damages. For example, companies running advertising campaigns or posting on social media could face a lawsuit if they post content that doesn’t belong to them, or make a false claim about a competitor.
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When someone sues your business—even if it’s a frivolous lawsuit—you’ll have to pay legal defense costs, such as the cost of hiring a lawyer. If you lose the suit, you may end up paying a fortune in a court-ordered judgment or settlement.
Commercial general liability insurance covers all of these costs, which could save your business from bankruptcy. Because the premium is based on your level of risk, small businesses and contractors usually pay only one monthly premium for this coverage.
Group your insurance policies. Companies can sometimes find discounts when they buy multiple insurance policies from the same provider. For example, if your business is considered low risk, you may qualify for a business owner’s policy. A BOP combines general liability insurance and commercial property insurance together at a reduced rate.
Pay your entire premium in advance. Your general liability policy premium can usually be paid in monthly or annual installments. It might be tempting to go with a smaller monthly payment, but consider paying the full premium. Many insurers offer discounts for premiums paid annually.
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Proactively manage your risks. If your small business has a clean claims history, you can expect lower insurance rates. An effective way to do this is to create a comprehensive risk management plan. For example, you can:
Is the #1 independent agency for online delivery of small business insurance. We help business owners compare quotes from top-rated providers, buy policies and manage coverage online. By filling out the easy online application today, you can compare free quotes for general liability insurance and other policies from US insurance companies.
Once you find the right policies for your small business, you can start coverage in less than 24 hours and get a certificate of insurance for your small business.
Insurance premiums vary depending on the policies a business purchases. See our small business insurance cost overview or find out the costs for a specific policy. Commercial general liability insurance (CGL) is a type of policy that provides coverage to a business for bodily injury, personal injury and property damage caused by the operations, products of the business. , or injuries occurring at the place of business.
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Commercial general liability insurance is considered comprehensive business insurance, although it does not cover all the risks a business may face.
Commercial general liability policies have different levels of coverage. A policy may include premises coverage, which protects the business from claims that occur on the physical location of the business during regular business operations.
It may also include coverage for bodily injury and property damage that is the result of a finished product or service performed elsewhere.
Commercial insurance companies also sell excess liability coverage, which can be purchased to cover claims that exceed the CGL policy limit. Some commercial general liability policies may have exclusions that limit what actions are covered. For example, a policy may not cover the costs associated with a product recall.
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When purchasing commercial general liability insurance, it is important for businesses to differentiate between a claims policy and an occurrence policy.
A claims policy provides coverage for whenever a claim is made, regardless of when the claim event occurred. An occurrence policy covers claims where the claim event occurred during the policy term even though it has now expired.
In addition to business general liability policies, businesses can also purchase policies that provide coverage for other business risks.
For example, businesses can purchase employment practices liability coverage to protect themselves from claims associated with sexual harassment, wrongful termination, and discrimination. It can also purchase insurance to cover errors and omissions made in financial reports, as well as coverage for damages, resulting from the actions of its directors and officers.
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A typical commercial general insurance policy covers accidental damage or injury, but does not cover injuries that are intentional or could be foreseen.
Depending on its business needs, a company may need to name other companies or people as “additional insureds” under its business liability insurance policy. This is common when companies enter into a contract with another entity.
For example, if an automobile repair garage enters into a contract with ABC Co. to have the latter provide cleaning services for their facility, ABC Co. can ask garage owners to add ABC Co. as an “additional insured” on its commercial general liability. coverage policy.
In each of these cases, a commercial general liability policy could cover the cost of hiring lawyers to defend the company or the cost of settling claims. If a business has frequent claims against its CGL insurance, the insurer could raise the premium costs of the policy.
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Commercial general liability insurance covers injury to a person or property damage that occurs on a business premises. This type of policy can also protect a business from claims
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