Insurance for Small Business: What Factors Decide How Much You Need to Pay?

Typically, businesses spend around 1-3% of their annual income on insurance. While this doesn’t sound like much, Florida insurance premiums can quickly add up to thousands of dollars if you’re not careful. Today, we’ll explore some of the factors that determine how much you’ll pay for insurance for small business and then discuss how you can keep your costs low.

Insurance for Small Business: What Factors Decide How Much You Need to Pay?

The most important factor is the kind of cover you’re getting. Do you only need liability insurance, or are you also getting your building, its contents, and special kinds of equipment insured? The more comprehensive your policy, the more you’ll pay. Other factors that make a difference include the size of your company, how likely accidents, injuries, and damage are, and where you are located.

If you’d like to reduce the cost of insurance, you’ll need to shop around with different providers. Some companies are more expensive than others. You can also get a better deal if you get several policies from one insurer. Many companies do business bundles, so you can get liability, auto, and property insurance from the same provider for a cheaper price.

Getting the Right Kind of Florida Insurance 

Because there are so many policies, it can be hard to find the best one for you. If you’d like to get good quotes, reach out to an insurance agent who can evaluate your situation and suggest the best insurance companies. The agent will help you to consider the price, but also the other important factors, such as how comprehensive the insurance policy is and whether the company has a good reputation.

Many small businesses waste thousands of dollars on insurance products they don’t need. Reach out to us at DTRT Insurance to speak to a professional about your situation. We will help you find quotes that don’t break the bank.