Almost all businesses, regardless of size or industry, require commercial property and general liability insurance. The cost of commercial general liability insurance obviously varies widely by industry, with “higher risk” industries like construction paying more. Fortunately, there are some good sites that offer free quotes. For small businesses, CGL insurance can cost well under $100 a month, while larger businesses can pay hundreds or even thousands.
This makes sense, as larger businesses tend to have more employees, customers they serve, and larger buildings they occupy. The more people and property that are involved, the greater the risk that someone could be injured. You may also be expected to pay workers’ compensation, depending on where you live and the type of industry you’re involved in. Location also plays a role. If your place of operation is in a neighborhood with a high crime rate, you will likely pay more for insurance than a similar business in a small town or country with a low crime rate.
You have a better chance of getting a low quote for commercial general liability insurance if you have experience and if your business has been around for at least a couple of years. This is because the longer a company has been involved in the industry, the more financially stable it is likely to be. It will also look impressive if your company has not filed any claims against you.
Deductibles and Premiums in Commercial General Liability Insurance
Like literally any other type of insurance, deductibles and premiums will play a role. Lower deductibles generally mean lower premiums, and higher deductibles result in lower premiums. If you are willing to increase your deductibles, the cost of CGL insurance will go down each month.
Another factor that could play a role in the quotes you get is gross sales. Obviously, the more income you have, the higher your premium will be.
There are more options if you want protection for yourself. CGL insurance generally does not cover homeowner injuries. Depending on your industry, you may have inventory that you want to protect. An inventory of goods is generally valued at the price the business owner paid for it, even if he plans to sell it for a higher price. If you are involved in the financial sector, you may want to consider errors and omissions coverage.
Get commercial general liability insurance and any other coverage designed specifically for your needs at Hiscox Insurance Company. You can get a fast, free quote in minutes. Hiscox Insurance offers the best customer service.
