Liability Insurance Cost

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How Much Does Liability Insurance Cost?

How much does liability insurance cost We know many people wonder, “How much is liability insurance for a business?” The answer is that it’s different depending on what you do. In fact, several factors influence your company’s cost, like your:
 
  • Number of employees: The more workers you have, the more insurance protection you’ll need, which can increases your rate.
  • Exposure to risk: Every business faces different levels of risk. For instance, construction workers often face more risk than retail workers.
  • Business’ size: In many cases, larger businesses with higher sales or a large operating space can face more risk and have higher premiums.
Keep in mind that you may also pay for liability insurance on a monthly basis, and that this protection is also known as general liability and commercial liability coverage.
 
To learn more, get a quote from us today. We can help you understand what minimum coverage limits are best for you. From there, we can help customize your liability insurance to fit your business’ needs. We can also help you figure out the price for different types of coverage for your specific business, like your cost of car insurance.
 

Average Liability Insurance Costs by Coverage

Average liability insurance cost General Liability Insurance
General liability insurance helps cover claims of:
 
  • Bodily injury
  • Property damage
  • Advertising injury
Similar to other business liability coverages, general liability insurance costs can depend on a variety of factors like your type of business, location and insurance claim history.
 
Professional Liability Insurance
Professional liability insurance helps cover claims of negligent acts, errors or omissions in the services you provide to a customer.
 
Your professional liability insurance cost can depend on factors like your coverage limits, years in business and claims history. This coverage is also known as errors and omissions insurance.
 
Workers’ Compensation Insurance
If your employees have a work-related injury or illness, workers’ compensation insurance can help pay for their:
 
  • Medical expenses
  • Lost wages
  • Disability benefits
  • Ongoing care costs
 
  • The number of employees you have
  • The types of work done by your employees
  • Your state’s requirements
Commercial Auto Insurance
Commercial auto insurance can help pay for the costs of auto accidents involving vehicles that your business owns. Some factors that influence how much you’ll pay for this coverage include:
 
  • Your vehicle’s type and size
  • Each driver’s experience level
  • The number of company cars you’re insuring
  • Your deductible
To learn more about average car insurance rates for small businesses and the cost of car insurance for you, get a quote from us today.
 

Factors That Impact Liability Insurance Costs

Liability insurance cost Whether you need general liability insurance, professional liability insurance or workers’ compensation, there are a number of factors that impact your small business insurance costs, like your:  
 
  • Industry: Your exposure to risk influences how much you’ll pay for your premium. For instance, landscapers might face more risk than accountants for certain liability policies, like general liability insurance.  
  • Location: Your geographical location can impact your insurance premium. For example, areas with higher populations often have an increased risk of bodily injury. This means certain zip codes and cities can have higher rates.  
  • Deductible: Higher deductibles can give you a lower premium than policies with lower deductibles.
  • Years in business: The experience you have can factor into how much you pay for an insurance premium.
Keep in mind that your credit score can also impact your insurance costs, like commercial auto insurance rates.
 

3 Tips for Saving on Liability Insurance Costs

You can save on your liability insurance costs by:
 
  1. Bundling your insurance policies: With a Business Owner’s Policy (BOP) from us, you can bundle your business income, general liability and commercial property insurance into one convenient policy. You can also add other insurance coverages, like a data breach policy.
  2. Choosing appropriate insurance deductibles: You can lower your premium by choosing higher deductibles, but you may have to pay more out of pocket if you file a claim.
  3. Managing your risk: If you run a high risk business, your premium will increase. One way business owners can help minimize their company’s risk is by having employees take a training and safety program. Depending on the company you work with, these programs can help reduce your employees’ injuries and accidents.
To learn more, get a quote from us today. We’re an insurance company you can trust. In fact, we’ve been helping our customers learn how to get liability insurance for a small business for over 200 years.
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
 
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
 
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In Arizona, New Hampshire, Washington and California, the insurance is underwritten by Hartford Accident and Indemnity Company, Hartford Casualty Insurance Company, Hartford Fire Insurance Company, Hartford Insurance Company of Illinois, Hartford Insurance Company of the Midwest, Hartford Lloyd’s Insurance Company, Hartford Underwriters Insurance Company, Maxum Casualty Insurance Company, Maxum Indemnity Company, Navigators Insurance Company, Navigators Specialty Insurance Company, Pacific Insurance Company, Property and Casualty Insurance Company of Hartford, Sentinel Insurance Company, Ltd., Trumbull Insurance Company and Twin City Fire Insurance Company. The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including Hartford Fire Insurance Company.
 
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.
 
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