AdvisorSmith Finds the Cost of General Liability Insurance

NEW YORK - Feb. 10, 2021 - PRLog -- AdvisorSmith, a leading provider of small business and insurance content, released its newest cost study on the average costs of general liability insurance in the U.S.

To find the average cost of general liability insurance, AdvisorSmith analyzed estimated quotes, rate filings, and actual premiums paid from a representative sample of small businesses and insurance companies around the country.

The premiums examined were for 27 industries for businesses with up to $500,000 in revenue.

Through their research, AdvisorSmith found that the average cost of commercial general liability insurance in the U.S. is $597 per year or $50 a month for small businesses.

Because one of the primary drivers of insurance cost is the industry a business operates in due to the risk of property damage or bodily injury, the company found the average cost of general liability insurance for various industries.

The industry with the highest average annual cost for general liability is construction and contracting. Small businesses in construction and contracting are looking to spend on average $1,076 a year.

"We research and create these cost studies to help inform and empower small businesses to see what they could be spending annually to protect their company and grow their business," said Adrian Mak, CEO, AdvisorSmith.

To see the full study, visit https://advisorsmith.com/general-liability-insurance/cost/.

About AdvisorSmith

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.