Public Liability Insurance | Instant Online Quote (2024)

FAQs

How much is a $2 million dollar insurance policy for a business? ›

How much is a 2-million dollar insurance policy for a business? On average, an insurance policy that offers coverage for up to $2 million can cost about $30 a month in premiums.

It's not a legal requirement to take out public liability insurance but many business owners see it as an essential business expense, and it's required by many trade associations. In many cases, you may find that you're asked to show proof of public liability before you're permitted to trade.

Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance covers legal costs and payouts for which the insured party would be found liable. Provisions not covered include Intentional damage, contractual liabilities, and criminal prosecution.

Fully protect your business's future with Hiscox commercial insurance. General liability insurance, also known as commercial general liability insurance (CGL), protects your business from another person or business's claims of bodily injury, associated medical costs and damage to property.

A $5 million umbrella policy costs around $375 to $525 per year, on average. Every policyholder's umbrella insurance premium will vary based on their personal risk factors, so individuals who own more cars or properties will be more expensive to insure, as will people who are particularly likely to be sued.

Public Liability Insurance covers “Any one occurrence” this means it covers claims up to the limit of indemnity of the policy. There is no limit to the number of claims in one insurance year – relatively straightforward.

Liability insurance can cushion you or your business against claims of harm or wrongdoing. Learn more about ensuring your business has the right coverage to keep you protected.

Risk Management Expenses

This expense category is typically used for all types of insurance, such as property insurance, health insurance, and liability insurance.

Third-party liability insurance is a type of coverage that financially protects you if you're considered responsible for damages or injury to another person or their property. This type of coverage is available for both home and car insurance.

Hiscox conducts business with high ethical standards, operating in accordance with all legal and regulatory requirements.

Is Hiscox part of Geico? ›

GEICO Insurance Agency, LLC has partnered with Hiscox Insurance to provide business insurance products. When you click on "begin a business quote online," you will be taken to the Hiscox website, which is not owned or controlled by GEICO.

While most of the claims we receive are covered, there are unfortunate instances where the policy purchased does not cover the type of loss or claim submitted to us. We know how devastating this can be for a business and, frankly, we dislike denying claims.

On average, a $1 million liability insurance policy costs $69 a month, or $824 a year, for our small business owners. Keep in mind that every business is different, so the $1 million liability insurance cost will vary.

That means a $2 million dollar policy could be a good fit for someone whose annual salary is $200,000 to $400,000. You might also want to consider that much coverage if you have extensive mortgage or other debt, or if you're the primary breadwinner in your family.

A $500,000 life insurance policy with a 10-year term costs an average of $62.99 per month for a smoker, compared to $29.26 per month for someone in poor health or $26.88 for someone with a high BMI. This compares to the same rate for a healthy individual, which would cost around $18.44 a month.

A million-dollar life insurance policy is paid out to your beneficiaries upon your death. If you have more than one primary beneficiary, then you may divide up your death benefit so that each beneficiary receives a certain percentage of the benefit.