The cost of small business liability insurance primarily depends on which policies you purchase. The size of your business, the risks associated with your profession, and the policy limits you choose will also affect the cost.
For protection against common liability claims, most tech businesses purchase general liability insurance. The median cost of general liability insurance is $28 per month, or $340 annually, for TechInsurance customers.
The chart below shows median liability insurance costs for businesses that purchase policies with TechInsurance. The median better illustrates what you can expect to pay since the average values include high and low extremes.
See small business insurance costs for common policies:
Purchase a business owner’s policy. Small, low-risk technology businesses may be eligible for a business owner’s policy. A BOP bundles general liability insurance with commercial property insurance at a lower cost than purchasing the policies separately.
Pay your annual premium in full. When you purchase a policy, you can pay your premium in monthly or annual installments. The annual premium often costs less than the monthly payments.
Risk management. Tech companies with no previous claims on their insurance can expect to pay less for business insurance. You can avoid claims with a risk management plan for workplace safety. That could include: