General Liability Insurance for Small Businesses (2024)

FAQs

How much is a $2 million dollar insurance policy for a business? ›

How much is a 2-million dollar insurance policy for a business? On average, an insurance policy that offers coverage for up to $2 million can cost about $30 a month in premiums.

General liability insurance helps protect you from claims that your business caused bodily injury or property damage. It can also protect you if someone sues you for advertising injury. Commercial property insurance covers your business' physical location and equipment, whether you own or lease it.

General Liability Insurance in California

General liability insurance, known as Commercial General Liability (CGL), protects your business from another person or business's claims of bodily injury, associated medical costs, and damage to property.

On average, Insureon customers pay $42 per month, or about $500 annually, for a $1 million general liability insurance policy. Additionally, 29% pay less than $30 per month, and 40% pay between $30 and $60 per month. Customers who need more coverage will likely pay a higher premium.

A $5 million umbrella policy costs around $375 to $525 per year, on average. Every policyholder's umbrella insurance premium will vary based on their personal risk factors, so individuals who own more cars or properties will be more expensive to insure, as will people who are particularly likely to be sued.

Your GLI policy can help pay for your legal fees and settlement costs. Without general liability insurance coverage, your business would have to pay out of pocket for costly claims that could come up during normal business operations.

It helps pay for medical payments and property damage if someone other than an employee gets hurt or if your business is held responsible for damaging someone's property. A business owner's policy (or BOP insurance) includes general liability insurance.

General liability insurance is usually tax-deductible because the IRS considers your policy payments to be a business expense. Keep track of all the payments you make toward your policy, as that will be important when you file your taxes at the beginning of the year.

1.1 Contractor shall maintain general liability on an occurrence form with limits not less than $1,000,000 per occurrence and $2,000,000 aggregate for bodily injury and property damage liability.

Does California require general liability insurance for contractors? ›

Contractor licensing requirements in California

Proof of insurance: The state requires applicants to have the necessary surety and contractor bonds, as well as general liability and workers' compensation.

A $2 million-dollar term life insurance policy costs $183 per month for a 30 year-old male in good health according to most experts on life insurance policies. Please keep in mind many variables factor in the final cost of your life insurance policy so be sure to get plenty of quotes.

The life insurance cost for a $500,000 term policy averages $29 monthly. Depending on your needs and circ*mstances, this amount can provide substantial coverage for your chosen beneficiaries.

Because business car insurance policies have different coverage than individual policies, they are often more expensive.

If you do become a victim of identity theft, the $1 Million Identity Theft Insurance policy will reimburse you for covered expenses associated with restoring your identity. We will reimburse the expenses and legal costs from the following types of identity fraud (subject to the policy limitations and exclusions):