As a small business owner in Garner, NC, one of your top priorities is protecting your livelihood. Purchasing the right insurance is crucial, but you may be wondering – how much does it really cost?
In this article, I’ll break down the average insurance rates for small businesses in Garner and provide tips to get the best deal
Typical Small Business Insurance Costs in Garner, NC
The cost of small business insurance in Garner depends on several factors including
- Industry type
- Number of employees
- Revenue size
- Years in business
- Location
- Claims history
- Coverage limits and deductibles
According to recent surveys, the average small business in Garner pays around $1200 annually for insurance. However, rates can range significantly based on your unique risks.
Here are estimated costs for common small business insurance policies:
- General liability insurance – $300 to $800 annually
- Professional liability insurance – $500 to $2000 annually
- Commercial property insurance – $600 to $1200 annually
- Business owners policy (BOP) – $800 to $1500 annually
- Workers’ compensation – $300 to $1500 annually
- Commercial auto insurance – $800 to $2000 annually
Obviously, there is quite a bit of variation based on your profession and other factors. For example, a retail clothing shop may pay less than a general contractor or doctor’s office.
How Insurance Companies Determine Your Business Rates
Insurance carriers take many data points into account when calculating your premiums. Key factors include:
- Industry – Certain industries like construction tend to have higher risks and claims.
- Location – Your property’s fire safety rating and crime rate in Garner affects premiums.
- Claims history – Prior losses can increase your rates significantly.
- Years in business – Newer businesses generally pay more than established ones.
- Coverage limits – Higher liability limits and lower deductibles raise your costs.
- Employee count – More employees means higher premiums.
- Revenue size – Larger payroll and sales numbers increase your exposure.
Insurers will collect information on all these areas to precisely calculate your business risk profile. Higher perceived risks equate to higher premiums.
Tips to Lower Your Small Business Insurance Costs
Fortunately, there are many ways to reduce your insurance expenses in Garner:
- Shop around – Get quotes from several carriers to find the best rate.
- Choose higher deductibles – This can lower your premiums substantially.
- Limit your coverage – Cut unnecessary coverages you may not need.
- Improve security – Upgrade locks, alarms, lighting, etc. to reduce property risks.
- Institute safety policies – Workplace safety lowers workers’ comp claims.
- Take advantage of discounts – Get discounts for things like multiple policies, safety training, etc.
- Maintain good credit – Better credit often results in lower premiums.
- Pay annually – Opt for annual premium payments to avoid monthly fees.
- Bundle policies – Purchase from the same carrier to get multiline discounts.
Investing a little time upfront to research and compare quotes can yield huge long-term savings on your Garner business insurance costs. Partnering with an independent insurance agent is also wise – they shop markets for you and provide advice tailored to your specific risks.
Cost Factors for General Liability Insurance Our customers paid an average of about $67 a month or $805 annually for
- Sales: The more customers your business has, the more claims you could get. This can increase your general liability insurance cost. If you keep your customers in a safe area, though, you can avoid claims and keep your insurance costs low.
- Industry: More hazardous industries need risk management. This can lead to higher costs.
- Location: Being in an area with more people can make it more likely that a customer will get hurt. So, your insurance rate may increase.
Cost Factors for Workers’ Compensation Insurance According to our policy data, most of our customers with less than $300,000 in payroll pay an average of $86 a month for
- Type of work: People who work in some industries are more likely to get sick or hurt.
- Record of claims: If your company has had some workers’ comp claims, you can still be considered a safe place to work, which can lower your workers’ comp costs.
- Payroll: Your cost is calculated per $100 of payroll. So, the larger your payroll, the higher your costs.
How much does small business insurance cost?
FAQ
How much is a $2 million dollar insurance policy for a business?
How much does 1 million dollars of business insurance cost?
Why is business insurance so expensive?
How much is liability insurance for a small business in NC?
How much does small business insurance cost?
Small business insurance costs anywhere from about $14 to hundreds of dollars a month, depending on the coverage types you buy, such as general liability, commercial property, business interruption insurance, inland marine, cyber liability and/or workers compensation. If you purchase all these coverage types, you could pay around $368 a month.
How much does a business owners policy cost?
A business owners policy (BOP) costs $57 per month, or $684 per year, on average, according to Insureon. A business owners policy is general liability insurance, commercial property insurance and business interruption insurance bundled together, usually with lower rates than each policy can be purchased for individually.
How do I choose a small business insurance policy?
The most important factor when purchasing a small business insurance policy is finding a company that offers the coverage types that meet your small business needs. For example, if your company stores sensitive data such as Social Security numbers and credit card information, then you’ll need to buy cyber liability insurance.
How to save money on Small Business Insurance?
There are several different methods of property valuation. The method you are using for your tools and equipment will make a difference in your insurance cost. The best way to save money on small business insurance is by comparing quotes among several different insurers. That’s because business insurance prices vary from insurer to insurer.