Several factors contribute to the cost of business insurance for wholesalers, such as your business size and industry risk. Cost estimates are sourced from policies purchased by Insureon customers.
General liability insurance costs for wholesalers
Wholesalers pay a median premium of $45 per month, or $542 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 (BOP) over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your warehouse or other business property, and costs less than purchasing each policy separately.
Industry risk affects the cost of general liability insurance
Among wholesalers that purchase general liability with Insureon, 15% pay less than $400 per year and 56% pay between $400 and $800 per year. Businesses in high-risk industries tend to pay more for this policy.
General liability policy limits for wholesalers
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 wholesalers (93%) 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.
Workers’ compensation costs for wholesalers
To meet your state’s requirements and avoid penalties, wholesalers that have employees typically must purchase workers’ compensation insurance. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness. With a median premium of $122 per month, or $1,465 per year for wholesalers, policy cost is determined by your number of employees and their occupational risk, among other factors.
The cost of workers’ comp depends on the number of employees
Among wholesalers that purchase workers’ comp insurance with Insureon, 33% pay less than $1,000 per year and 25% pay between $1,000 and $2,000 per year. Wholesalers with more employees can expect to pay more for workers’ compensation.
Business owner’s policy costs for wholesalers
Wholesalers pay a median premium of about $110 per month, or $1,325 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.
Business property value drives the cost of a BOP
Among wholesalers that purchase a business owner’s policy with Insureon, 36% pay less than $1,000 per year and 35% pay between $1,000 and $2,000 per year. The value of your business property drives the cost of a BOP.
Commercial auto insurance costs for wholesalers
Wholesalers pay a median premium of less than $30 per month, or $339 annually, for commercial auto insurance. Commercial auto insurance is a requirement for wholesale businesses that own vehicles, such as a delivery truck. Personal vehicles used for business purposes may also need coverage beyond your personal auto policy.
The cost of commercial auto depends on the number of vehicles
Among wholesalers that purchase commercial auto with Insureon, 60% pay less than $400 per year. It costs more to protect a greater number of vehicles; their value and how often they are driven also affect the premium.
Compare quotes from trusted carriers with Insureon
Insureon’s wholesale business insurance agents work with top-rated U.S. carriers to find affordable coverage that fits your practice. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of wholesalers.