{"id":81,"date":"2023-10-09T13:11:00","date_gmt":"2023-10-09T13:11:00","guid":{"rendered":"https:\/\/businessyield.com\/ins\/?p=81"},"modified":"2023-10-11T10:56:17","modified_gmt":"2023-10-11T10:56:17","slug":"how-much-does-business-insurance-cost","status":"publish","type":"post","link":"https:\/\/businessyield.com\/ins\/business-insurance\/how-much-does-business-insurance-cost\/","title":{"rendered":"How Much Does Business Insurance Cost?"},"content":{"rendered":"

Business insurance is a contract between the business owner and the insurance company, where the insurance company agrees to compensate the business for covered losses in exchange for premium payments. But how much does business insurance cost?<\/p>

There are many types of business insurance policies, which include coverage for legal liability, property damage, employee-related risks, and many others. Companies evaluate their commercial insurance needs based on potential risks, which can vary depending on the type of business and its environment. <\/p>

A business owner\u2019s policy (BOP) is the most common insurance product for small businesses, according to the Insurance Information Institute (III)<\/a>. It typically includes three basic types of coverage to help protect a business: business property coverage, general liability coverage, and business interruption coverage.<\/p>

If you are a small business owner, you may also be able to buy additional insurance coverages to customize your policy based on your business\u2019s specific needs. These additional coverages may include commercial auto coverage, errors and omissions coverage, key employee coverage, and more.<\/p>

Types of business insurance<\/strong><\/span><\/h2>

Liability Insurance<\/strong><\/h3>

Liability insurance protects businesses from legal claims and financial losses resulting from third-party injuries, property damage, or lawsuits. It covers legal defense costs, settlements, or judgments if the business is found legally liable for causing harm or injury to others.<\/p>

Liability insurance is crucial for businesses that interact with customers, clients, or the public and helps protect their financial interests in case of accidents, injuries, or property damage claims.<\/p>

Types of insurance under liability insurance include:<\/strong><\/span><\/h5>