How much does business insurance cost for insurance agents?

Insurance agents and brokers pay a median of less than $30 per month, or $350 per year, for general liability insurance. This policy provides protection for third-party bodily injuries, property damage, and advertising injuries.

Insureon’s licensed agents typically recommend a business owner’s policy over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your insurance office, and costs less than purchasing each policy separately.

Among insurance agents that purchase general liability with Insureon, 31% pay less than $300 per year and 60% pay between $300 and $600 per year.

Larger businesses and businesses with more public interaction tend to pay more for general liability insurance, as the risk of third-party accidents increases.

Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year.

Higher limits cost more – and provide better coverage.

Most insurance professionals (86%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

The median cost of E&O insurance is about $45 per month, or $550 annually, for insurance professionals. This policy, also known as professional liability insurance, can protect your business from work mistakes that negatively impact clients.

Among insurance professionals that purchase errors and omissions insurance with Insureon, 26% pay less than $500 per year and 47% pay between $500 and $1,000 per year.

The cost increases depending on the risk of a business being sued over a professional mistake, so it will vary depending on your insurance specialty and other key factors.

Most insurance professionals (84%) choose errors and omissions policies with a $1 million per-occurrence limit and a $1 million aggregate limit. Another 6% choose policies with a $2 million per-occurrence limit and a $2 million aggregate limit.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's errors and omissions insurance cost analysis page.

Agents and other insurance professionals pay a median of about $40 per month, or $500 per year, for a business owner’s policy. This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

A BOP protects against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.

Among insurance professionals that purchase a business owner’s policy with Insureon, 13% pay less than $300 per year and 61% pay between $300 and $600 per year. The cost depends primarily on the value of your business property.

Most insurance professionals (87%) choose a business owner’s policy with a $1 million per-occurrence limit and a $2 million aggregate limit.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's business owner's policy cost analysis page.

To meet your state’s requirements and avoid penalties, insurance agencies with employees typically must purchase workers’ compensation insurance. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness.

Even when it's not required, you should consider carrying workers' comp for yourself and your employees. Health insurance providers can deny claims for work-related injuries, which means you could end up paying expensive medical bills if you're injured on the job.

The median premium for workers' comp is less than $40 per month, or about $460 per year, for insurance agents and brokers.

Among insurance agencies that purchase workers’ compensation insurance with Insureon, 17% pay less than $300 per year and 47% pay between $300 and $600 per year. The cost varies based on the number of employees and the level of risk involved with their jobs, among other factors.

Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.