How Much Does Small Business Insurance Cost?

While price shouldn’t be the only thing you consider when purchasing small business insurance, it is important to factor in the cost of coverage when making a decision on where to purchase.

The cost of small business insurance can have a wide range.

There are many factors some based on specifics to your business, others based on the type of business and geographic location.

Here is everything you need to know about how much small business insurance costs…

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How Much Does Small Business Insurance Cost?

This “Good Question” series is about helping small business owners and leaders like yourself build an insurance foundation upon which you can take the risk necessary to grow your business.

With the right small business insurance you know that if something bad happens, your insurance is there to help you rebuild, (as long as it’s a covered loss).

With that said, how much does, (or maybe should), small business insurance cost?

That’s an impossible question to answer at face value because I don’t know what you do and there is an incredibly wide range of premiums based on:

  • The size of business,
  • Where the business is located,
  • How much revenue you’re doing,
  • What types of products or services you’re selling,
  • What industry you’re in, and,
  • And many more rating factors…

What does this actually mean for finding a good price for small business insurance?

Your business insurance cost should be a competitive rate versus the value that you receive in coverage.

This is a terrible answer, but the most honest answer that I can give you.

Where small business owners get in trouble is either by paying too little for something that doesn’t have any value or they’re paying too much for something whose value doesn’t live up to the cost.

Small Business Insurance Program

The key is building a small business insurance program that matches what your business needs versus the most competitive cost available in the market.

What is included in a small business insurance program?


Whatever package of coverages you need, whether those are all able to be packaged with the same carrier or not, each policy needs to be evaluated individually.

Unlike personal insurance, it’s more often the case that your small business insurance program will have a few different carriers and that’s completely okay.

That’s what having an insurance advisor like Rogue Risk is for, to help you manage your full small business insurance program, keep it straight and make sure that you understand the cost-benefit analysis of all your policies.

If you’d like to work with our team at Rogue Risk, click here to begin.

What Factors into Small Business Insurance Costs?

These are the kinds of things that factor into costs. The key is to find out what you need from a coverage perspective and make the coverage decision before examining cost.

Start by figuring out what insurance coverages you need.

Once you know that, then go out into the market and find the carrier set that’s going to be the most competitively priced for those coverages.

As we discussed early, sometimes this will be the same carrier for all coverages, sometimes it will be different carriers. Neither is right or wrong, better or worse when it comes to cost.

That’s how you keep your costs down. That’s how you figure out what the true cost of your insurance is, because the other option is not having any insurance or the wrong insurance.

The Rub

Choosing the lowest small business insurance costs doesn’t mean you’re doing the right thing for your business.

Cost is completely relative to the insurance coverage you’ve purchased.

If you run a pretty straightforward flower shop, your comprehensive program’s going to be relatively inexpensive. It’s just not a high risk business.

If you run a roofing business, your insurance costs are going to be higher.

The process starts with having a broker who’s going to walk you through this in a comprehensive way, who’s going to understand your risk, not take up a lot of time, but then, as we do at Rogue Risk, invest in explaining your program to you.

We share with you how we worked your coverages through from a pricing perspective, and deliver you with the most competitive price in the market.

That’s what we do here at Rogue Risk.

Small business is all we do. Small business insurance on autopilot is our tagline.

If this sounds like the type of relationship you’d like to have, click here to begin.

You can also…

  • Call or text us at 518.960.6600.

I hope this article helped you better understand small business insurance.

Thank you,

Ryan Hanley

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