Almost all businesses, regardless of size or industry, require commercial property and general liability insurance. The cost of commercial general liability insurance obviously varies widely by industry, with “higher risk” industries like construction paying more. Fortunately, there are some good sites that offer free quotes. For small businesses, CGL insurance can cost much less than $100 a month, while larger businesses can pay hundreds or even thousands.

This makes sense, as larger companies tend to have more employees, customers they serve, and larger buildings they occupy. The more people and property involved, the greater the risk that someone could be injured. You may also be expected to pay workers’ compensation, depending on where you live and the type of industry you are involved in. The location also plays a role. If your place of operation is in a neighborhood with a high crime rate, you are likely to pay more for insurance than a similar business in a small town or country with a low crime rate.

You have a better chance of getting a low quote for commercial general liability insurance if you are experienced and if your business has been around for at least a couple of years. This is because the longer a company has been involved in the industry, the more financially stable it is likely to be. It will also look impressive if your company has not filed any claims against you.

Deductibles and Premiums in Commercial General Civil Liability Insurance

Like literally any other type of insurance, deductibles and premiums will play a role. Lower deductibles generally mean lower premiums, and higher deductibles mean lower premiums. If you are willing to increase your deductibles, the cost of CGL insurance will go down each month.

Another factor that could play a role in the quotes you get is gross sales. Obviously, the more income you have, the higher your premium will be.

There are more options if you want protection for yourself. CGL insurance generally does not cover homeowner’s injuries. Depending on your industry, you may have inventory that you want to protect. An inventory of goods is generally valued at the price the business owner paid for it, even if he plans to sell it at a higher price. If you are involved in the financial sector, you may want to consider errors and omissions coverage.

Get commercial general liability insurance and any other type of coverage tailored specifically to your needs from Hiscox Insurance Company. You can get a fast and free quote in a matter of minutes. Hiscox Insurance offers the best customer service.