Most small businesses choose standard coverage amounts of $1 million per occurrence and a $2 million aggregate policy limit liabilityinsuranceagency.com for their general liability insurance coverage, according to Insureon. This type of policy will pay up to $1 million to cover a single general liability insurance claim, with a $2 million limit for all claims during the policy period. The policy period is typically one year.
How Much Does General Liability Insurance Cost?
General liability insurance costs an average of $42 a month, according to Insureon. It might be less than that—17% of Insureon’s small business customers pay less than $25 per month for their general liability policies.
The cost of general liability insurance coverage varies based on the size of the business, your industry, your location and the amount of coverage you need.
You can manage general liability insurance costs by choosing the insurance limits that best meets your needs. A business owners policy is a convenient and cost-effective way to combine general liability insurance and business property insurance. But you also can buy general liability insurance all on its own.
How much you pay for general liability insurance depends on key factors such as:
Your type of business. If your company is a high-risk business, you pay a higher cost for general liability insurance.
The years of experience of your business.
Size, location, condition of your building.
Policy details, such as deductibles and coverage limits.
The insurance claims history for your business.
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