Business and Professional liability insurance from State Farm ® can help you and your small business pay defense costs and judgments that come from liability claims or claims of professional negligence, error, or omission.
That’s why State Farm offers a variety of business property and liability insurance packages, umbrella policies, and special liability options to help protect your business from costly legal judgments, settlements, and defense fees.
If you are a State Farm business policyholder, your policy may include certain “ Loss of Income ,” “Extra Expense,” “Civil Authority” and “Dependent Property” coverage if your business is interrupted by a Covered Cause of Loss .
State Farm Car Insurance Rates by Coverage Type
|Coverage Type||National Average Rate|
In an analysis of 28,000 small business owners who purchased commercial insurance through Insureon, the median cost of general liability insurance was $42 per month or $500 per year.
The 7 Best Small Business Insurance Companies of 2021 State Farm: Best Overall. Hiscox : Best for Independent Contractors. Nationwide: Best General Liability Insurance . The Hartford : Best Workers’ Compensation . Travelers: Best Commercial Property Insurance . Liberty Mutual: Best Business Owners Policy . Progressive Commercial: Best for Commercial Auto .
A $1 million policy costs $300 to $1,000 per year. While, $2 million worth of coverage will cost an average of $500 to $1,300. A $5 million dollar policy will run $700 to $1,500 per year.
Regardless of policy limits, the median cost of professional liability insurance is $59 per month ($713 annually). The median cost offers a more accurate estimate of what your business is likely to pay than the average cost of business insurance because it excludes outlier high and low premiums.
How much does business insurance cost?
|Policy||Average Cost||Median Cost|
|Business Owners’ Policy (BOP)||$80/month||$62 /month|
Home systems protection : This can help pay to repair or replace permanently installed equipment after a failure, such as an air conditioning system , power generator or water filtration system . Off-premises structures: This provides coverage for buildings you own that are not on your property .
A workers ‘ compensation insurance policy provides benefits to employees for injuries and illnesses arising out of and in the course of employment. Contact your State Farm ® agent to find out more about obtaining a State Farm Workers ‘ Compensation policy.
What Are the Worst Insurance Companies in the US? Allstate . This giant insurer took the top spot in the AAJ report because of its confrontational stance to its own policyholders. State Farm . This insurer located in Bloomington, Illinois ranked #4 on AAJ’s list for worst insurance companies. Farmers . Liberty Mutual .
Free Car Insurance Quote – Save on Auto Insurance – State Farm ®
State Farm is a good insurance company that features a wide variety of insurance policy options, though its rates are rather pricey for both home and auto insurance . The company makes up for this by offering a variety of discounts—such as its Steer Clear driver program—and having solid customer service.