How Much Does Insurance Cost For A Small Business?
How much does insurance cost for a small business is a common and understandable question as people want this information for planning and budgeting purposes and understanding your cost structure and making the best, worst and expected revenue projections is all part of good small business planning. Unfortunately answering the question “how much does insurance cost for a small business?” isn’t quick, simple or easy as the answer to how much does insurance cost for a small business is based on the specific details of the small business insurance products that are purchased, the amount of small business insurance needed, what geography the small business insurance will be covering etc. etc.
In addition, there technically is no such thing as a singular product called small business insurance as each small business has different needs and preferences about what small business insurance they would like or require. However, to help with the question “how much does insurance cost for a small business?” we’ve provided some benchmarking information on our small business insurance clients.
Benchmarking Insurance Cost For A Small Business
ALIGNED Insurance specializes in small business insurance and based on its large portfolio of small business insurance clients across the country we’ve provided the below real data to help you better understand how much does insurance cost for a small business.
Average insurance cost per small business insurance policy: $2,331*
Average number of small business insurance policies per client: 1.47*
Average total cost of small business insurance per client: $3,426*
*Kindly note these are average small business insurance costs and individual small business costs can be as low as $400 per year, but all small business insurance costs are determined based on the specific details of each business and by the type and amount of insurance purchased.
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100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves small, medium and large organizations. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. As one of Canada’s fastest growing insurance brokerages, we invite you to learn more about us and connect @ALIGNEDonRisk, on Facebook or LinkedIn.