You own a small business or maybe you’re just about to start up a small business and you know you need insurance, and you want to know what the costs may be. Like all of us, you turn to Google and ask the magic black box – What does insurance for small business cost?
About a billion responses!
And a lot of these responses on the first few pages of the search results on what insurance for small business cost will feature numbers.
The average insurance for small business cost $48 per month.
Some websites will even give you average and median pricing for a BOP or business owner’s policy, workers’ compensation, Professional Liability, Employment Practice Liability insurance, and more.
Are those numbers really helpful for you?
Probably not, and here’s why:
Every business insurance policy, whether that’s a BOP or workers’ compensation or EPLI is rated on a number of different factors such as your industry – what you do. Where you’re geographically located. The type of building you’re located in, if applicable. Your sales and payrolls, and a lot more.
To me, that average monthly premium you’re going to see is clickbait – it means nothing, really, other than an attempt to get you to click on the website.
So, how do you find out what insurance for your small business is going to cost?
In my opinion, it makes sense to find a skilled insurance broker who can do these three things really well:
- They ask you the right questions to figure out what types of coverages, limits, and endorsements you need to properly protect your business.
- They represent a wide array of insurers to give you the greatest choice and options.
- They communicate well and are timely, kind, and courteous.
What are the three things I think you want to avoid?
- Filling in a lot of forms before speaking to an expert. Forms and even advanced artificial intelligence cannot replace human expertise.
- working with a direct-to-consumer insurance company. If you contact a big brand name insurance company from Google, you’re going to get one choice – that insurer’s quote. How do you know you’re getting the best value for your money? You don’t.
- Working with a call center. A lot of big brands that rank on Google will service your insurance from a call center or an off-shore call center. Your business insurance protects what may be your biggest asset – wouldn’t you prefer to work with the same expert you can build a relationship with and trust?
Here’s the bottom line on insurance for small business
You have a tremendous number of options when purchasing insurance for your small business.
Finding that broker who can provide you insurance for small business with the best value for your premium dollar is your best choice.
Of course, my firm is an expert at business insurance – it’s all we do.
My team and I have years of experience under our belt, and I’d like to think we’re easygoing and easy to do business with.
And yes, we represent the top insurance companies writing small business insurance competitively.
We’d love an opportunity to chat with you about your needs for insurance for small business and I’d love to hear from you.
Give me a call, drop me an email, or book an appointment on my calendar.