Insurance for Home-Based Businesses
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How much does business insurance cost for home-based companies?

Several factors contribute to the cost of home business insurance, including the size of your business and its risks. Cost estimates are sourced from policies purchased by Insureon customers.

Business owner’s policy icon

Business owner’s policy costs for home-based businesses

Home-based businesses pay a median premium of $25 per month, or $300 per year, for a business owner’s policy. This policy bundles general liability insurance with commercial property insurance, usually at a lower rate than if the policies were purchased separately. 

Offering both boosted coverage and savings, a BOP is the preferred policy for comprehensive coverage.

Learn more about business owner’s policy.

The cost of a BOP depends on your business property value

Among home-based companies that purchase a business owner’s policy with Insureon, 39% pay less than $250 per year and 35% pay between $250 and $500 per year. The cost depends on the value of your business property.

Cost of business owner’s policy for home-based businesses.

Which business owner’s policy limits do home-based companies choose?

Most home-based businesses (90%) choose a business owner’s policy with a $1 million per-occurrence limit and a $2 million aggregate limit.

Several factors affect the cost of business owner’s policy for home-based businesses

High-risk businesses typically pay more for a business owner’s policy than low-risk businesses. Your level of risk, the value of your business property, and your policy limits will affect your premium cost.

The annual median cost for a virtual office assistant is $495, while the median for an event planner is $182 – or about $15 a month. As you can see, the cost varies greatly depending on your profession.

Median annual cost of a business owner’s policy for home-based businesses by profession.
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General liability insurance icon

General liability insurance costs for home-based businesses

Virtual assistants, DJs, cake and cookie bakers, and other home-based professionals pay a median premium of less than $35 per month, or $400 annually, for general liability insurance. This policy provides protection for third-party bodily injuries and property damage, along with advertising injuries.

Insureon’s licensed agents often recommend a business owner's policy over a standalone general liability policy.

Learn more about general liability insurance.

General liability insurance policy limits for home-based businesses

Most home-based companies choose general liability insurance policies with a $1 million generic limit and a deductible of $500.

Professional liability insurance icon

Professional liability insurance costs for home-based businesses

Home-based professionals pay a median premium of about $20 per month, or $235 per year, for professional liability insurance. Also known as errors and omissions insurance, this policy offers critical coverage, including legal fees related to professional mistakes and accusations of negligence.

Low-risk businesses can add professional liability to a BOP for a single premium.

Learn more about professional liability insurance.

Professional liability policy limits for home-based businesses

Most home-based companies choose professional liability insurance policies with a $1 million limit and a deductible of $500.

Compare quotes from trusted carriers with Insureon

Insureon’s home business insurance agents work with top-rated U.S. carriers to find affordable coverage that fits your business. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of wedding planners, DJs, and writers.

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