Business Owner Policy Insurance Cost

If you own or rent a workspace you likely need a business owner s policy.

Business owner policy insurance cost. Many of insureon s customers have fewer than five employees and generate less than 100 000 in annual revenue. However the best insurance for small business owners is a bop package because it combines three important policies into one. Most technology companies choose the 1 million 2 million business owner s policy with a median deductible of 500.

Startups with expensive equipment or a large office space should consider higher policy limits to match the potential cost of damaged property. On top of that client contracts often require general liability coverage. In general medians eliminate outliers to provide a more accurate indication of insurance costs.

If you employ more workers or generate significantly higher revenue you may pay more than the median indicated. By selecting an amount of insurance on building and or business personal property the insured automatically receives a broad range of additional coverages with a single indivisible package premium. A business owner policy bop is a package that bundles basic insurance coverages and is sold at a premium.

It s much more affordable than buying the policies separately. Regardless of policy limits the average cost of a business owner s policy is 99 per month or 1 191 annually. A business owners policy cost depends on the type of business you have and how much risk is involved in its operations.

Learn what factors affect your cost and get a free quote today. General liability and property coverage in a leased building with only a business interruption endorsement. In 2019 the average monthly cost of a new 12 month business insurance policy through the progressive advantage business program ranged from 46 for professional liability to 85 for workers compensation.

The median premium is 53 per month or 636 per year. 750 to 1200 per year. Typical examples of a product business and a service business small retail store.