Insurance for a small business typically consists of civil liability, property and health coverage. Several types of small businesses can buy a small business package that will cover many of your insurance needs. The insurance can be customized to include additional coverage options, which may affect the price of the policy. The average cost of a policy may vary, depending on the coverage that the company requires.
Property insurance provides protection against various types of business losses, including fire, theft and vandalism. Even business interruption insurance is offered, which helps to cover costs if the business should close temporarily. The cost of a property insurance policy depends on several factors, such as the type of business, its location and the coverage selected.
Liability insurance offers protection in case of injury to customers or visitors to your small business. The cost of this type of policy is typically based on sales and payroll estimates. For example, a business could pay US $ 2 or US $ 4 of liability insurance for every US $ 1,000 of sales. Insurance companies use other factors to determine policy prices, including previous incidents and the type of business.
Small businesses usually offer medical services coverage for their employees. The cost of this type of insurance varies, depending on the type of plan selected and other factors. Small businesses can choose from a wide variety of insurance plans. A new type of coverage for small groups, called HealthFirst, will soon be available in New Hampire. The welfare-focused insurance plan will cost small businesses between US $ 4,000 and US $ 6,000 per month, representing savings of US $ 1,000 or US $ 1,000 per month compared to similar plans.
The small business that purchases insurance policies can choose from several deductibles. The deductible is the amount that the insured will pay before the company covers its share when making a claim. The cost of the policy premium can vary widely, depending on the amount selected as a deductible. Deductibles in a small business policy can vary between US $ 250 and US $ 1,500 or more. Higher deductibles reduce the cost of the premium. But it also increases the amount of money that has to be paid in claims.
The premium charged for a small business insurance policy can vary significantly in each insured. Ask for policy quotes from several insurers, making sure that the coverages offered are comparable, before making a decision. Insurers use many factors in determining how much to charge you, including the location of the building, its commercial use, the age of construction, as well as any applicable discounts. A small business owner could pay between $ 2,000 and $ 5,000 annually for their insurance coverage.