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Lisa Said:

What is the average cost for business insurance? Specifically liability and workers compensation.?

We Answered:

Workmens Comp will cost you apx 1% of each worker's salary monthly. Not too expensive but it eats up your profit. Business insurance will be tied into the type of operation you run. Heavy trucks and lifting motors? $250 per worker per month? Sitting in an office? $50 per worker per month.
You didn't mention health insurance but you can guess that will be at least $250 per month per person without covering their family.
I hope that you are really going to open a business. i did. I wish i'd done it sooner. It's been fun.

Manuel Said:

small business liability insurance refferal?

We Answered:

Commercial policies are sold through agents not direct from a company. This may come as a shock to someone with an e-business, but you'll need to deal with a real person.

Insurance is regulated at the state level, so you'll need to find an agent licensed to do business in your state.

Get a referral from the agent who handles your auto insurance, health or life insurance. Don't forget to ask about workers comp. coverage depending on what state you're in.

Buy all your insurance online? Bummer, maybe you could ask that pink haired chick (or one of your competitors).

Paula Said:

General Liability Business Insurance?

We Answered:

You can't get business insurance directly, you need to use an agent. Since you're working on cars, you'll need a "garage liability" policy, even if you don't own a garage. If you have a towtruck, it can get pretty pricey - five figures.

Bottom line - to get an accurate quote, you'll need to contact a local independent agent. The first few years, your policy will PROBABLY be through your state auto fund, assigned risk plan, whatever the program is called in your state. I'd be surprised if you get any voluntary carriers to write a garage liabiltiy policy on a new venture.

Jerome Said:

Business Insurance Liability and Medical?

We Answered:

You may want purchase some P&C insurance for your office. Your landlords insurance wouldn't cover theft or damaged equipment (ie: fire)

As for medical/health insurance, depends on if you are purchasing Group or Individual Insurance. Most offer Group plans, but only a few offer individual plans. An Insurance Advisor can help determine your needs (Group vs Individual) and give you pricing on the various plans. There are many good companies including GWL, Manulife, Desjardins, Sun Life, Standard Life, etc etc

Edith Said:

how much aproximately does it cost for liability insurance to run home piano teaching business.?

We Answered:

Not all companies will do that, and the price varies by state. My mother is a piano teacher, and Erie Insurance charges her $150 a year, on an endorsement to the homeowners policy.

But I don't believe Erie writes in California.

Dawn Said:

What should my journal entry be if a co pays next 12 month’s business liability insurance $15,000 in advance?

We Answered:

Debit Prepaid Insurance (asset) and Credit Cash
At the end of the year you will need to adjust the asset by crediting it for the amount of insurance used and debiting insurance expense

Katrina Said:

What is the best business liability insurance ?

We Answered:

The one that covers you adequately.