How much does small business insurance cost?

Here's a ballpark to get started

We recommend that new businesses carry a Business Owner's Policy, worker's comp (if you have employees) and commercial auto (if you use vehicles on the job).

For a low-risk business with a few employees and 1-2 business vehicles, the cost of these coverages can start around $629 a month.

Your costs vary on your type of business, geographical location, number of employees and other specific details.

What does a business owner's policy (BOP) cost?

A Business Owner's Policy (BOP) typically costs between $240-$620 a month depending on your type of business, geographical location and other factors.

A Business Owner's Policy packages your three most important coverages to save you money:

General liability covers injuries and damages caused by your business
Property helps replace or repair damaged or stolen business property
Business Interruption compensates lost income from temporary closure for covered property damage

What does worker's compensation insurance cost?

Worker's comp typically costs $77-$164 a month depending on your number of employees, type of industry, previous claim history and other factors.

Almost all states require you to carry this important coverage if you have employees.

Covers accidents and injuries on the job
Provides lost wages and medical benefits
Shields you from most employee lawsuits

What does commercial auto insurance cost?

Commercial auto typically costs between $310-$370 a month depending on your number and types of vehicles.

All states require you to carry commercial auto coverage if your company uses vehicles on the job.

Cover damages your vehicles cause to other people or their property
Cover damages caused by employees who drive their own cars on the job
Can also cover damages to your own vehicles (optional)

What other coverages might I need?

Depending on your business, you may also want to carry:

Professional liability covers legal costs if you perform a professional service and are sued by clients who are unhappy with your work
Commercial umbrella provides extra coverage when other policies reach their limits so you can safeguard all your valuable business assets
Cyber insurance covers the cost of rebuilding your system and handling legal and regulatory fees in the event of a cyber breach