The cost of business insurance can vary depending on several factors, including the industry you operate in, the size of your business, and the coverages needed. For example, a small retail store may pay a few hundred dollars per year for general liability and property insurance, while a large manufacturing company may pay several thousand dollars per year for these coverages, as well as additional coverages such as workers’ compensation and professional liability insurance.
Location also plays a determining factor in your premiums. Insurance carriers look at factors such as the local crime rate and likelihood of natural disasters in your area. Businesses in areas with higher risks can expect to pay more for their business insurance than businesses in areas with lower risks.
In general, small businesses can expect to pay between 1% – 5% of their annual revenue on business insurance.
It’s important to monitor how much you’re paying for insurance compared to the market. Fortis can help small businesses audit their current program in a matter of minutes. Feel free to reach out and we can help make sure you’re not leaving money on the table that could be better spent growing your business.
