How much is insurance for a small business per month?
From $300-$400/Month to $500/Month, here are 5 answers to the question, “How much do you spend per month for insurance in your small business?”
- $500-$1,000/Month
- $500/Month
- $300-$400/Month
- $250/Month
- $1,000/Month
$500-$1,000/Month
The amount you spend for insurance in your small business can vary greatly depending on the type of insurance coverage you choose and the size of your business. Generally, small business owners should budget 1-2% of their gross annual income for insurance expenses. This means that if your business is generating $50,000 per year in revenue, you could expect to spend anywhere from $500-$1,000 per month on insurance coverage. When selecting the right type of insurance for your business, it’s important to consider what types of risks your company is facing and how much you can realistically afford.
Aviad Faruz, CEO, FARUZO
$500/Month
The cost of running a small business is no joke-especially when it comes to insurance. It’s been said that any business worth its salt knows it must spend $500 or more per month for the most reliable protection. And I have to admit, despite the hefty price tag, I am happy to pay for these premiums and keep my little enterprise safe from harm. Unfortunately, that $500 seems to be anything but monthly since I seem to get bills from my insurer every other week!
Jim Campbell, Owner, Camp Media
$300-$400/Month
We spend between $300 and $400 per month for small business insurance. This varies depending on the type of insurance that we need and the coverage levels we choose. We typically carry liability, property, and workers’ compensation insurance to cover our risks as a small business. For more specialized coverage such as errors and omissions or cyber liability, we have to pay a separate premium. We also have to pay additional costs for extra coverage or increased limits, which can hike up the cost of our insurance even further. Ultimately, it’s important for us to carefully assess our risks and choose the right insurance policies that provide adequate protection without breaking the bank.
Steve Rose, CEO, Money Transfers
$250/Month
I spend approximately $250 per month on insurance in our small business. This includes workers’ compensation, public liability, and professional indemnity insurance. We also have a comprehensive insurance policy that covers any potential liabilities that could arise from our operations. We make sure to review the policy annually to ensure we have the right coverage and that we are getting the best value for our money.
Harry Virk, Founder and Director, CleaningPRO Auckland
$1,000/Month
I, as a small business owner, spend around $1,000 per month on insurance for my business. This includes coverage for property damage, liability, and workers’ compensation, among other types of insurance. The exact amount may vary depending on various factors such as the size of my workforce and location, but on average, I spend $1,000 per month on insurance for my business.
Abbot Ace, Editor, Ice Camping Pro
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