Several factors contribute to the cost of business insurance, including the size of your automotive business and its risks. Cost estimates are sourced from policies purchased by Insureon customers.
Automotive businesses pay a median premium of less than $50 per month, or $576 per year, for general liability insurance. This policy provides protection for third-party bodily injuries and property damage, along with 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 auto repair shop, gas station, or other property, and costs less than purchasing each policy separately.
Among automotive businesses that purchase general liability with Insureon, 20% pay less than $500 per year and 50% pay between $500 and $1,000 per year. High-risk businesses can expect to pay more for this policy.
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 automotive businesses (99%) 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.
To meet your state’s requirements and avoid penalties, auto services and dealers with employees typically must purchase workers’ compensation insurance. Sole proprietors should also consider buying this policy, as it covers work injury claims that could be denied by your health insurance provider.
Workers' comp helps pay for medical bills and provides partial lost wages when you or an employee suffers a work-related injury or illness. The median premium is less than $140 per month or $1,667 per year for automotive businesses.
Among automotive businesses that purchase workers’ compensation insurance with Insureon, 22% pay less than $1,000 per year and 33% pay between $1,000 and $2,000 per year. The premium varies depending on the number of employees and their level of occupational risk, among other factors.
Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.
Automotive businesses pay a median premium of less than $120 per month, or $1,422 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 auto services and dealers that purchase a business owner’s policy with Insureon, 32% pay less than $1,000 per year and 35% pay between $1,000 and $2,000 per year. Automotive businesses with more expensive business property can expect to pay more for this policy.
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.
Automotive businesses pay a median premium of less than $65 per month, or $778 per year, for commercial auto insurance.
This policy can pay for third-party property damage and medical bills in an accident, along with vehicle theft, weather damage, and vandalism. Almost every state requires this coverage for business-owned vehicles.
Among auto shops and dealers that purchase commercial auto insurance with Insureon, 29% pay less than $400 per year and 23% pay between $400 and $800 per year. The cost primarily depends on the vehicle's value, how often it is driven, and how many vehicles you own.
Learn how coverage limits and other factors affect the cost of this policy on Insureon's commercial auto insurance cost analysis page.
Insureon’s automotive business insurance agents work with top-rated U.S. providers to find affordable coverage that fits your business. Apply today to compare multiple quotes with one free online application.