What You Need to Know About Business Insurance Costs Across the States
| State | Estimated Cost of Insurance |
|---|---|
| Alabama | $400 - $750(Startup or Small Business) |
| Alaska | $540 (Small Business) |
| Arizona | $140 monthly (General Liability, Professional liability, Workers Comp.) |
| Arkansas | $365 to $1,739 |
| Colorado | $400 -750 |
| Connecticut | $652 - $3000 |
| Delaware | $300 - $5000 |
| Hawaii | $1,764 (General Liability, Worker's Comp, E&O) |
| Idaho | $1,404 (General Liability, Worker's Comp, E&O) |
| Illinois | $564 (Small Business) |
| Indiana | $768 |
| Iowa | $600 - $1,800 |
| Kansas | $3,135 |
| Kentucky | $700 -$3800 |
| Louisiana | $480 -$1,300 (Small Business Insurance) |
| Maine | $1,400 - $4,500 |
| Maryland | $400 - $750 |
| Massachusetts | $135 monthly (General Liability, Professional liability, Workers Comp.) |
| Minnesota | $1,191 |
| Mississippi | $365 to $3,739 |
| Missouri | $636 |
| Montana | $636 - $1,191 |
| Nebraska | $1,944 (General Liability, Worker's Comp, E&O) |
| Nevada | $3,135 |
| New Hampshire | $1,632 (General Liability, Worker's Comp, E&O) |
| New Jersey | $148 monthly (General Liability, E&O, Workers Comp.) |
| New Mexico | $300 - $5,000 |
| North Dakota | $780 - $1332 |
| Ohio | $3135 (BOP) |
| Oklahoma | $300 - $5,000 |
| Oregon | $600 - $1,800 |
| Rhode Island | $300 - $5000 |
| South Carolina | $600 - $1800 (Small Business) |
| South Dakota | $672 |
| Tennessee | $148 monthly (General Liability, Professional liability, Workers Comp.) |
| Utah | $300 - $5,000 |
| Vermont | $516 for a small business |
| Virginia | $139 monthly (General Liability, E&O, Workers Comp.) |
| Washington | $151 monthly (General liability, Professional liability, Workers Comp.) |
| West Virginia | $4,464 (General Liability, Business Owner's Policy, Worker's Comp, E&O) |
| Wisconsin | $597 |
| Wyoming | $528 (Small Business) |
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Frequently Asked Questions
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Are business insurance costs higher in certain states?
Yes, business insurance costs can be higher in certain states due to unique risks or regulations. For example, businesses in California may pay higher workers’ compensation insurance rates due to the state’s strict labor laws.
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Can I lower my business insurance costs by purchasing insurance from a provider in a different state?
In some cases, purchasing insurance from a provider in a different state may be cheaper. However, it’s important to ensure that the insurance provider is licensed to do business in your state and that the policy meets the specific requirements for your state.
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How often should I review my business insurance coverage and costs?
It’s a good idea to review your business insurance coverage and costs annually, or whenever your business experiences significant changes. This can help ensure that you have the right coverage at the right cost to protect your business.
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