Business Insurance Cost Analysis
How Much Does Business Umbrella Insurance Cost?
We analyzed a representative sample of approximately 15,000 of the small business insurance policies we sold in 2014 to determine the average cost of Umbrella Insurance for small businesses (1-10 employees). Across all small business industry categories, the average annual cost for a $1M Umbrella policy is $692.30, with a median cost of $404.00.
Pricing Depends on Industry
For most small business owners, the price is approximately $400 per million in coverage. But remember, Umbrella Insurance is extra coverage on your existing General Liability, Hired and Non-owned Auto Liability, and Employer's Liability Insurance policies, so the price can vary based on your industry and other factors, just like your other policies.
For example, companies in the Construction & Contracting, Professional Design (Architects & Engineers) or Professional Installation industries typically pay a little over $1000 per million in coverage.
Dig Deeper into Insurance Costs
Insurance costs vary greatly based on the type of insurance a business buys. Learn more about how much each of these insurance policies costs for small businesses.
Business Insurance Cost Analysis Home
To get a more nuanced view of what Professional Liability Insurance costs for businesses in the your industry, take a look at these cost analysis pages by industry. (Don't see your industry? Check back in a few weeks — we're in the process of adding more!)