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AdvisorSmith Finds the Average Cost of General Liability Insurance for Small Businesses
To find the average costs for general liability insurance, AdvisorSmith used estimated quotes, rate filings, and actual premiums paid from small businesses and insurance companies from around the country. The premiums were examined for businesses in 27 industries. The study found that the average cost of commercial general liability insurance in the U.S. is $597 per year or around $50 a month for small businesses with under $500,000 in revenue.
The study also breaks down the average costs of general liability insurance per industry. Because the risk of property damage or bodily injury varies and is dependent on the business, one of the primary drivers of insurance costs is the industry in which the company operates. AdvisorSmith breaks down the average annual costs for general liability insurance in 18 industries..
Along with average costs, AdvisorSmith's study includes information on factors that will affect the cost of general liability insurance like limits of insurance, type of business, revenue, number of employees, size of the establishment, and location.
To see the full study visit https://advisorsmith.com/
AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, visit https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.