AdvisorSmith Finds The Costs of Product Liability Insurance For Small Businesses

NEW YORK - Feb. 19, 2021 - PRLog -- AdvisorSmith, a leading provider of small business and insurance content, released its newest cost study that found the average costs of product liability insurance in the U.S. for small business owners.

To find the average price, AdvisorSmith researched rate quotes for commercial general liability insurance for manufacturers, wholesalers and retailers. The rate quotes included coverage for product liability for small businesses with $1 million in revenue and 10 employees.

Through their research, AdvisorSmith found that the average annual cost of product liability insurance for small businesses was $1,192 or $99 per month.

The price of product liability coverage varies on several factors. One of those factors is the business type. The cost study included over 60 business types in the manufacturing, wholesale and retail sectors and included quotes from admitted insurers around the country. The study provides detail on the costs for various kinds of industries.

Another factor AdvisorSmith examined was the type of products a business sold. Products can have a crucial impact on the risk exposures and premiums paid by companies. The study found a range of premiums as low as $300 per year and as high as $4,494 per year.

The study also provides information on how coverage limits affect product liability insurance and the most common claims.

To see the full study, visit https://advisorsmith.com/product-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.