Get Instant Commercial Small Business Insurance Quotes Online

Get instant commercial small business insurance quotes online and purchase a policy in minutes. Learn how to cover your business in 24hrs and more.

By Licensed Agent:  Sa El PublishedJune 5, 2024  UpdatedJanuary 11, 2025

How Much Does Small Business Insurance Cost?

$780 is the average annual cost that most small business owners are paying for a general liability small business insurance policy. A general liability policy is usually the first type of policy a small business owner will buy.  Some 48% of them pay between $300 - $600 a year averaging around $504 a year and about 17% pay less than $300 per year for a policy.

Can You Get Instant Commercial Small Business Insurance Quotes Online?

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So, what factors determine the average cost of small business insurance? 

Your Policy Type - The type of policy you will need to purchase is going to affect the cost. As your specific needs change and get more specific, your costs may change to suit your new business needs. 

Your Profession

If you are in a profession that will cause you to file a higher amount of claims you could be looking at higher monthly premiums to get coverage due to the extra risk.

Coverage Levels

Your insurance company will give you several coverage amount options. This amount varies based on your choices. Most of these options can be adjusted to your needs. 

How Does Small Business Insurance Work?

Pick Your Options - Your first step is to determine how much coverage you will need and what type of coverage you will need based on your type of business.

Make Payments - Once your policy has been approved you will make an initial down-payment and then start making smaller monthly payments for the life of the policy. 

File A Claim - If your business suffers a covered loss you can file a claim online via the online portal of your insurance company. 

What Type Of Insurance Do I Need For My Small Business?

Outside of workers compensation, there are 5 types of business insurance you should consider and we discuss them in more detail below. 

Workers Compensation

Workers compensation insurance, also known as "workers' comp protects your small business and your employees if they suffer a work-related injury or illness with benefits such as covering missed wages for an injured employee. 

General Liability

Also known as business liability insurance, this coverage helps cover costs for medical expenses if someone gets hurt at your business. It also covers you if someone files a property damage claim against your business or an advertising injury claim against you.

Product Liability

Product liability coverage is usually best for people who sell products because it covers your legal costs if someone files a claim that a product you sold, made, or distributed caused them an injury or damage to their property. 

Professional Liability (PLI)

This insurance was created to protect professionals like attorneys, public accountants, and doctors against negligence and other claims filed by their clients. PLI insurance is essential because it isn't something covered by a general liability policy.

Commercial Property Insurance

Commercial property insurance will protect the physical assets of a company form things such as vandalism, fire, or explosions.  However, things like earthquakes and floods aren't usually covered and would need to be added to the policy as an upgrade. 

Business Owners Policy (BOP)

Business income insurance will help you cover operating expenses like mortgage and rent. When it comes to insurance planning for small business owners, you also need to consider training costs for employees, or the revenue you would normally make if your business was open. 

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