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When Henry Walker went to pick up a watermelon at Walmart, he didn’t expect to become disabled. But what happened: his foot got caught in a bag while reaching for the watermelon and he fell so hard that he broke his hip. When the case went to court, they found video evidence that Walker was not the first person trapped in the pallet, and the court awarded him $7.5 million in damages.
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But Walmart didn’t have to pay this out of pocket. Instead, his public liability insurance will most likely cover the costs. And while your business is unlikely to be killed by such a large settlement, even a modest one can be devastating for small business owners.
General Liability Insurance For Your Small Business
General liability insurance is a type of business insurance that covers you against common third-party claims against your business, including bodily injury and property damage. This is sometimes called commercial liability insurance or commercial general liability insurance.
Despite the fact that it is “general” in its name, general liability insurance provides liability coverage for claims related to several cases: a customer is injured at your workplace, you or an employee damages the customer’s property. Damage caused by, loss of reputation caused by you. to anyone else, and advertising damages such as copyright infringement.
Public liability insurance provides third party coverage, which means payments are made to the third party involved in the claim, not directly to you. You understand that a “first party” and “third party” is someone who has been harmed – whether physically, financially or creditably.
Public liability insurance typically covers claims related to injury to a customer at your place of business, employee damage to customer property, damage to reputation, and advertising damages such as copyright infringement.
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Public liability insurance covers claims related to physical risks such as bodily injury and property damage from third parties. Professional liability insurance covers unavoidable risks, such as errors and omissions, when your client suffers financial loss because of bad advice or another mistake you make.
No, public liability is not based on income. Instead, it depends more on how risky your business is. Other factors that can affect the cost of general liability include the number of employees you have, your location, the age of your company, and previous insurance claims.
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Learn as you go. Try it for free and discover all the tools you need to start, run and grow your business. The cost of public liability insurance varies based on many factors related to your business. Your premium is directly affected by your industry, where you are located, your policy limits, and more.
Small businesses pay an average of $42 per month, or about $500 per year, for general liability insurance.
Our figures are derived from the average cost of insurance policies purchased by agents from major insurance companies. The average provides a better estimate of what your business is likely to pay because it does not include the highest and lowest premiums.
Welcome! If you open your business to the public, manage client property, or rent or own commercial property, a public liability insurance policy is essential.
How Much Does General Liability Insurance Cost?
While small business customers pay an average of $42 per month for general liability coverage, 29% pay less than $30 and 41% pay between $30 and $60 per month.
If you want car insurance that covers a lot of damage, you have to pay more for it. The same rule applies to commercial liability insurance. If you want a policy that covers more expensive accidents and claims, expect to pay more than you would for basic coverage.
General liability insurance is the most popular option for small businesses with limits of $1 million/$2 million. This includes:
Most customers (91%) chose policies with coverage limits of $1 million / $2 million. Five percent of our customers choose policies with $2 million/$4 million limits, the next most popular choice.
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When shopping for an insurance policy, it’s a good idea to make sure the deductible is something you can easily afford. If you cannot pay in a critical situation, your insurance will not step in to cover your liability claim. The average deductible that customers can choose for general liability insurance is $500.
The exact amount of insurance coverage depends on the needs of your business. You want coverage that will cover a potential lawsuit without buying more than you need. If you’re not sure what limits are right for your business, talk to a licensed insurance agent.
The location of your business can play a big role in what you pay. For example, businesses located in areas with high crime rates or increased foot traffic may have to pay higher premiums than businesses where these factors are low.
Premiums may also vary slightly depending on your state. For example, small business owners in Virginia pay an average of $36 per month for public liability insurance, while businesses in Colorado pay an average of $49 per month in premiums.
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While general liability is recommended for many small businesses, most states require by law that small business owners carry workers’ compensation if they have employees and commercial auto insurance if they have commercial vehicles.
Our analysis of general liability insurance rates shows that for small businesses, your industry has the biggest impact on your premiums. In general, insurance companies charge higher premiums for high-risk industries, while low-risk industries charge lower rates.
For example, brick-and-mortar retailers who are open to the public are more vulnerable than IT consultants who work from a home office. The chart below shows how the type of business affects how much you pay for public liability insurance coverage.
Depending on the industry you work in, such as construction or mining, your state may require you to have public liability insurance. For other businesses, such as real estate, insurance, or health care businesses, you may need professional liability insurance (also known as errors and omissions insurance) before you can get a license.
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Construction, cleaning, and landscaping businesses have the most common accrued expenses because they often do work that involves other people’s property. General liability policies can pay you or your employees for damage to personal property.
A general liability insurance policy should protect against the potentially devastating costs of a lawsuit for bodily injury, property damage, or publicity damage. In any business, a visitor can trip and get hurt. If the visitor sues, the legal fees can add up to the point where it can sink your business.
Even if no one outside of your company visits your office, someone may still be liable for damages to your business. For example, businesses that run advertising campaigns or post on social media may face lawsuits if they publish content that is not theirs or make false claims about a competitor.
When someone sues your business—even if it’s an unusual complaint—you’ll have to pay legal defense costs, such as the cost of hiring a lawyer. If you lose the lawsuit, you may pay in a judgment or settlement.
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Commercial general liability insurance covers all of these costs, which can protect your business from bankruptcy. Because premiums are based on your risk level, small businesses and contractors typically only pay a small monthly premium for this type of business insurance.
Combine your insurance policies. Businesses can sometimes find discounts when purchasing multiple insurance policies from the same provider. For example, if your business is considered low risk, you may qualify for a business owner policy. BOP combines general liability insurance and commercial property insurance at a lower rate.
Pay the entire premium in advance. Your general liability insurance premium can usually be paid in monthly or annual installments. It may be possible to get away with a small monthly payment, but consider paying the full premium. Many insurers offer discounts on premiums paid each year.
Actively manage your risks. If your small business has a clean claims history, you can expect lower insurance rates. One effective way to do this is to create a comprehensive risk management plan. For example, you can:
Average Public Liability Insurance Cost (2024)
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