Business liability insurance can help cover the risks of owning a shop—like accidents, injuries, equipment damage, theft, and liability claims. That sounds like a great deal for any shop owner, but how much do you need to pay for this type of insurance?
It’s a smart question to ask, but the answer isn’t a simple one. The cost of your business liability insurance varies based on how many employees you have, your annual revenue, the type of company, how much coverage you need, and where your business is located.
With all of these aspects taken into account, it’s easy to see how your quote could be different from a store right next to yours or one across the United States.
According to Trusted Choice, the average quote for business liability insurance can be less than $1,000 per year, but this varies based on the danger of the profession. A landscaper may be quoted $15,000 annually while a sole proprietor could be quoted as little as $500 per year.
Have more questions? See more answers from Alot.