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How Much is Business Insurance?

How much is business insurance? Let’s begin by asking how much people are worth. How much does a priceless antique cost? How does one put value on matters of the heart? The answers to these kinds of questions are, well…unanswerable! How much is business insurance? Determining a dollar figure for what something of value is worth is virtually impossible, yet when dealing with a business that is the heart and soul of a person’s livelihood, some kind of value must be determined to provide the best security and stability possible for those who depend upon the business. Making careful and wise decisions about insurance is fundamental. Indeed, the cost of business insurance and what are the factors that must be included in taking care of business?

  • Is there property that must be covered?
  • Is there equipment that may break and/or need to be replaced?
  • Do the employees need specific kinds of coverage? Workman’s Comprehensive Insurance? Health Insurance?
  • Might customers and/or guests need to be protected in some way?
  • Could “natural disasters,” e.g. flood and earthquake, affect a business?
  • Are there commercial vehicles involved and/or other transportation needs?
  • Is the business information stored electronically and might it need coverage against data breach?
  • Should there be consideration given to legal consultation?
  • Are there “hidden” liabilities or indirect costs that may need to be unveiled?
  • Would it be helpful to consider excess liability in view of possible litigation?

If a business has an “Employee Identification Number” (EIN) regardless of type, insurance is absolutely essential. What will my cost  be? The answer begins with recognition that one law suit against an uninsured business can wipe out the business and greatly affect employees and customers, not to mention the possible loss of everything the business owner has! How much is business insurance? The truth is whatever the cost of insurance is; it is never too high given the risks and eventualities that may occur, often beyond the business owner’s control. Yes, it may cost a sole proprietor between $150.00 and $1,000 for a general and basic policy of one million dollars worth of coverage, or perhaps even from $250.00 up to $1500.00 for a larger incorporated business for the similar coverage, but with smart shopping, a good insurance package may be put together that will give the best value for dollars spent. How much is business insurance? This is where we come in…

Kaups Insurance can connect most size of businesses with excellent companies who will help with wise and beneficial insurance decisions. How much is business insurance? We can connect with reputable companies who lay out options and answer questions, including questions about discounts and adjustments that affect the costs and benefits of a policy. Are there professional organizations that may help with costs? What about joining a larger pool of business owners for better rates? Certainly there are more competitive rates for larger premiums, yet in answering the question, “how much is business insurance?” a wise shopper looks at all the options and balances out value with dollar amounts in order to purchase a custom product that will meet the specific needs of the business.

You may get a business insurance quote here.

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