What are average prices for small business insurance?

Question

This is for my high school project. Please answer!

Answer 1

I agree with ft.....something.  I work in insurance and it all varies on what type of coverages the owner wants.

Answer 2

It will vary a great deal depending on the type of small business.  Some "main street" business policies are known as Business Owners Policy (BOP) and they can be as little as $500 per year, sometimes less expensive if the insurance market is "soft".  Other small businesses can carry a much higher level of risk and, therefore, a MUCH higher premium. (Sometimes in the tens of thousands of dollars per year.)

There really isn't an average price for small business insurance.

Answer 3

sorry cannot give you a specific number.. this varies rom the type of biz, location, loss history, typeof building, fire rating etc.

best to discuss with  local independent agent to get the proper quote and coverages

Answer 4

That's too broad of a question to answer accurately.

In California there are anywhere between 3 and 13 different rate areas, depending on which carrier you're working with, needs and prices can vary by the industry as the insurance carrier takes on more and more risk, level of coverage can range from comprehensive to catastrophic only, from Cal Choice (very expensive) to Kaiser (very inexpensive) and from small group (generally more expensive per person) to multi-national corporations (generally very inexpensive per person).

And that is just California, by the way.  I don't know much about the other states underwriting procedures, so if you live somewhere else, you'll have to find other info.

Good luck with the project.