Businesses and organizations face several unforeseen risks that may greatly hinder their operations. And so, businesses, companies, or organizations also need corporate insurance coverage to protect them from unforeseen circumstances and guarantee business continuity. > Corporation insurance is an insurance plan that provides companies and organizations with help to protect them against unexpected events by mitigating the risks when they occur.
This is an insurance policy that:
Protects a company's assets and pays for legal obligations such as medical costs incurred by a customer injured in the company's premises
Covers accidental damage to a customer's property
Covers costs of company's legal defense while also paying for any settlement offerings or awards a company is mandated to deliver in line with the legal judgment leveled against them
Covers claims of false or misleading advertisements, including copyright infringement, libel, and slander
Liability insurance is divided into several forms such as:
Protects against third party risks like lawsuits for copyright infringement, bodily harm to customers, or damage to customers' property
Covers legal costs if a client sues for a professional mistake
Protection against a lawsuit brought by employees against an employer for negligence
Protect commercial vehicles against accidents and property damage
Extends the limits of liability policies
Medical expenses for workers, compensation in case of death or disability while working for the company
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The average corporation insurance cost is $53 a month or $636 a year for a $1 million general liability insurance. Know that the individual pricing of all the policies included affects the cost of corporate insurance. Below is the individual cost of corporation insurance policies for 2022 :
| Monthly Cost | Annual Cost |
---|---|---|
General liability insurance | $53 | $636 |
Commercial auto insurance | $187 | $2,244 |
Professional liability insurance | $46 | $552 |
Business owner's policy | $84 | $1,008 |
Worker's compensation | $86 | $1,032 |
Commercial property insurance | $100 | $1,200 |
I t's important to note that several factors affect the price of various insurance premiums, and these are:
Costs of insurance vary based on the location of business operations. For instance, if one's business is located in an area that experiences natural calamities like flooding or storms regularly, they will pay more for coverage.
The size of your business workforce is synonymous with the amount of money you pay for insurance. More employees mean more chances of injury or accidents. Therefore, large businesses pay more for insurance than small ones.
Some occupations are riskier than others. This implies that the premiums for those occupations will be high. For instance, a manufacturing or construction company will pay more for insurance than an e-commerce business.
The overall cost of your business insurance is also affected by the amount your policy is likely to pay out under specified circumstances. For instance, commercial auto insurance with comprehensive coverage is costlier than one with minimum liability coverage. Additionally, the cost of business insurance will be increased when a business opts for a low deductible.
The worker's compensation insurance cost is directly related to the annual payroll. Also, insurers use a company's revenue to measure general liability insurance. Thus, the more customers a company has, the higher chances of injury or property damage claims.
As another point of reference, here’s a table showing the pricing of the most recommended insurance companies for corporation insurance:
| Monthly Rate | Annual Rate | Best for |
---|---|---|---|
CoverWallet | $48 | $576 | Corporation insurance quotes comparison online |
Next | $51 | $612 | Corporation insurance that provides instant coverage |
Hiscox | $55 | $660 | International corporation insurance |
Nationwide Corporate Insurance | $60 | $720 | Experience in insuring corporations |
Berkshire Hathaway Corporate Insurance | $62 | $744 | Corporation insurance paid annually |
The Hartford Corporate Insurance | $68 | $816 | Corporation insurance with special coverages |
Progressive Corporate Insurance | $72 | $864 | Corporation insurance with comprehensive commercial auto insurance |
Chubb Corporate Insurance | $75 | $900 | General liability insurance for corporations |
Related: Cheap business insurance
The following are the best corporate insurance companies in the United States.
Allows you to compare cheap corporate insurance quotes online for free
Easy policy management
Not an insurance company but an insurance broker
CoverWallet, with the help of its partners, provides you with customizable corporate insurance quotes. Available policies corporations can avail are EPLI, general liability, business owner’s policy, commercial property, commercial auto, and more. CoverWallet doesn’t simply sell insurance to customers. This company is dedicated to helping them make the right investment when it comes to insurance. And so, it made a smart and free tool that provides the quotes of insurance companies in the United States. So that you and other customers can compare the offers and pricing of carriers.
Best for: Corporation insurance quotes comparison online
Average cost: $48
Our rating: 10/10
Offers numerous policy discount options
Covers you in an instant
Those used to traditional insurance processes might get taken aback by how Next do things
Next was established specifically for small businesses and sole proprietors. Hence, it provides policies essential to small businesses, like general liability and professional liability. It is unique among its competitors because it offers online quotes instantaneously, and one's coverage can begin on the same day. Its limitations are that it is not suitable for all types of business and it is still a young company established in 2016.
Best for: Corporation insurance that provides instant coverage
Average cost: $51
Our rating: 9/10
Transparent claims process
Can insure multi-national corporations
Hiscox has a lot of customer complaints
Hiscox is a multi-national insurance company offering property and casualty policies on its corporation insurance. Many like Hiscox because it offers very generous limits. Furthermore, the company boasts a very transparent claims process.
Best for: International corporation insurance
Average cost: $55
Our rating: 9/10
Has considerable experience in insuring corporations
Not available in Alaska and Hawaii
Some policies can’t be purchased online
Nationwide is the leading insurer in the United States with nearly 100 years in business. It offers traditional coverage options like general liability, professional liability, and commercial auto insurance and modern coverage options like cyber liability insurance for small and big businesses. Its online quotes are limited to only five types of coverage; it's unavailable in Alaska and Hawaii.
Best for: Experience in insuring corporations
Average cost: $60
Our rating: 8/10
Available in 29 US states
Provides a discount if a customer decides to pay annually for their premiums
Has a low rating from industry watchdogs
It offers two traditional Business Owner's Policies (BOP) and one more comprehensive option, making it the best BOP provider in the US. One of the advantages of using Berkshire Hathaway is that one gets a discount when they pay for their coverage annually. Unfortunately, it is unavailable in some states (it operates in 29 states).
Best for: Corporation insurance paid annually
Average cost: $62
Our rating: 7/10
Offers specialized coverages for very large corporations
You can’t insure yourself with The Hartford
This insurer has the best policy plans for commercial property. It provides affordable and total coverage for every business, from sole proprietorship to multinational corporations. One of the advantages of contracting The Hartford is that its commercial property quotes are available online. Still, you need the help of an agent to complete the coverage application process. Its limitations are: if you have a large business, you will need extra specialized coverage. It is unavailable in the states (Hawaii, New Jersey, and Alaska) and lacks enough experience with big corporations. Another limitation is that some policies are unavailable online for customers' consideration.
Best for: Corporation insurance with special coverages
Average cost: $68
Our rating: 6/10
Offers comprehensive commercial auto insurance included in corporation insurance
24/7 customer service
Progressive custom policies are somehow lackluster
This is the United States' top commercial auto insurance provider, having written policies for over a million commercial vehicles as of 2019. One of the benefits of getting covered by Progressive is 24/7 customer care phone service and coverage in all the states of the US. It also provides direct commercial premiums to its customers. Its limitations are a few customization options for customers and limitations on the types of vehicles covered.
Best for: Corporation insurance with comprehensive commercial auto insurance
Average cost: $72
Our rating: 6/10
Multinational insurance company
Offers comprehensive general liability insurance for corporations
There are reports saying that Chubb is too expensive for their liking
Chubb is a global corporate insurance company provider specializing in providing general liability policies to businesses of all types and sizes at a competitive price. Here are its benefits: it is suited for multinational corporations and small businesses. However, it does not provide online quotes for its commercial insurance policies and requires companies to purchase their coverage through an agent. Its global coverage also requires businesses to get an additional procedure which might hurt the pocket.
Best for: General liability insurance for corporations
Average cost: $75
Our rating: 7/10
Related: Commercial Property Insurance
Get all the best quotes from leading providers in a click of a button!
Find the best coverage for your company by comparing quotes online! To start, click the "Get Quotes " button and complete the form. Receive the corporation insurance quotes from the best carriers in the US and get your business protected from risks.
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
Had general liability and workers comp with amguard. Paid high premiums and yet still got audited every year and had to pay more. Was able to prove less risk the first two audits and disputed price down but none the less had to pay more just so I could renew coverage. Third time the audit ( based on what I paid my premium on ) was ridiculous and tried to prove that there was no increase in risk from what I paid for my premium. However they would not believe it and required I paid full audit amount in order to have redline removed. Basically you do what they say and pay whatever outlandish bill they come up with or they will make sure you can’t run your business anymore. ????
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Dave Phillips Insuranker
Policy Type: Business Insurance
Company name: CoverWallet Business Insurance
Excellent platform for business insurance quote comparison online