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Prices for Business Insurance
You aren’t signing a blank check, so let’s discuss the cost.
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Business Insurance Pricing
At the Horan insurance agency, price transparency is important. Unlike other agencies and carriers who would rather tell you about how much you could save; we’d rather tell you how much you might spend. In fact, how can they save you 15% if they don’t even know what you’re paying!?Each insurance policy is like the business it protects; unique. Your uniqueness is what makes up your insurance price. To know right down to the penny, you’d have to get a complete & personalized quote. We’re here to provide that when you’re ready.
As a guide we have listed a general range that you can expect to fall in for each policy type. Not all businesses will fit neatly into these ranges. There are many factors that create your final price, but for now, here’s a start:
How much is General Liability Insurance?
The one piece of insurance every business, large or small, should possess. A traditional General Liability policy will include General, Completed Product & Operations Lability, Advertising Injury, & Medical Payments expense coverage. The typical price range for a small business for this insurance is $600 – $3,000 per year.
How much is Business Auto Insurance?
Whether you have a single pick-up or a fleet of service vans, you’ll want to make sure you have a business auto policy as part of your portfolio. The cost of a business auto policy can range significantly based on the type of services you provide, but on average, expect to pay $800 – $1,300 per year for each individual vehicle on the policy.
How Much is Worker Compensation Insurance?
Workers Compensation is a required form of insurance in New York State if you pay even a single employee (or uninsured 1099). The price for workers comp will vary greatly based on the type of work being performed. The best way to determine a price s to break your annual payroll down by the duties each staff member performs. Any workers comp policy will come with a minimum premium of at least $500 for the year. From there, the price could go as high as $50,000 or more per year.
How much is an Insurance Bond?
There are many types of insurance bonds, but usually we see ones that are on the lower end of the risk spectrum. A typical Surety bond will cost $100 per year on average.
How much is a Business Owners Policy (BOP)?
Since a General Liability policy only covers liability exposure, you might still want to cover your businesses property. A BOP offers the best of both worlds by combining the General liability and property on to one policy. You can expect to pay between $500 – $6,000 per year for this kind of policy.
How much is Business Umbrella Insurance?
Assuming a coverage amount of $1,000,000, a typical business can expect to pay $700 – $1,800 this policy. Remember, you’ll have to first purchase any other required insurance policy (General Liability, Business Auto, and/or E&O) if you want to purchase an umbrella policy.
How much is New York Short Term Disability Insurance?
This mandatory insurance also includes Paid Family Leave and is required for anyone who employees at least one staff member. The usual range for this policy is $300 – $4,000 per year.
Directors & Officers Insurance
D&O insurance is designed to insure for-profit and not-for-profit board members and officers. For a $1,000,000 policy you can expect a range of $800 – $3,000 per year.
