How Much Does Business Insurance Cost?
Good question! There's no one-size-fits-all answer because every IT business is different and business insurance costs depend on a number of factors, such as…
- Where your business is located.
- How many employees you have.
- The business risks you face.
- The types of policies you choose to buy.
- The coverage limits you select.
But we get it – you want to have a ballpark figure to help you anticipate the potential costs. That's why we put together some sample business insurance policy quotes and cost averages. Just select a business size to get an estimate of what your business might pay for business insurance.
Keep in mind these are examples only. Your actual insurance costs may vary depending on your business's structure and location.
If you want accurate quotes for your business, fill out an online application. But if you want more ballpark estimates for different commercial policies, check out the sample quotes below.
How much does Commercial General Liability Insurance cost?
If you own a business, General Liability Insurance is probably the first policy you should consider. It can help pay for third-party injuries and property damage, as well as advertising injuries.
Learn more about the cost of General Liability Insurance for IT businesses or explore a more detailed breakdown of General Liability Insurance costs on Insureon.
How much does Errors & Omissions Insurance (aka Professional Liability Insurance) cost?
Errors and Omissions Insurance, also known as E&O Insurance, can help pay for legal expenses when small-business owners are sued over professional mistakes and oversights. E&O coverage is particularly important for tech professionals, who often work with sensitive client data.
You can view sample quotes for Errors & Omissions Insurance for IT businesses or check out a detailed analysis of E&O Insurance costs.
How much does Commercial Umbrella Insurance cost?
Commercial Umbrella Insurance supplements the coverage limits on several of your business liability insurance policies. In most cases, buying a single Umbrella policy is more cost effective than manually raising the limits on multiple policies.
Typically sold in coverage increments of $1 million, the cost of Commercial Umbrella Insurance for an IT business varies depending on the size of your business and the kind of work you do. For a deeper dive, check out Insureon's Commercial Umbrella Insurance cost analysis.
How much does Workers’ Compensation Insurance cost?
In most of the country, Workers’ Compensation Insurance is mandatory for any business with employees. This coverage can help business owners pay for employees' occupational illnesses and injuries.
The cost of Workers’ Comp coverage depends on several factors, including the number of employees a business has, tax classification of those employees (W-2 vs. 1099), the type of work they’re doing, and more. You can review sample Workers’ Compensation Insurance quotes for IT businesses or read more detailed information about Workers’ Compensation Insurance costs from Insureon.
How much does a Fidelity Bond (aka Third-Party Employee Dishonesty Insurance) cost?
This type of insurance can protect business owners when employee fraud or dishonesty leads to a loss or damage. The cost of a Fidelity Bond may depend on the type of information you and your employees handle. View sample Fidelity Bond quotes for IT businesses.
Ready to find out the cost of business liability insurance for your business? Fill out an online application (the process should take about 15 minutes). We'll send quotes right to your inbox and help you find a policy that makes sense for your coverage needs – and your budget.