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Corporation Insurance: Liability Insurance for Corporations

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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.

Liability Insurance for Corporations

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:

General Liability Insurance

  • Protects against third party risks like lawsuits for copyright infringement, bodily harm to customers, or damage to customers' property

Professional Liability

  • Covers legal costs if a client sues for a professional mistake

Employer's liability

  • Protection against a lawsuit brought by employees against an employer for negligence

Commercial Auto Liability

  • Protect commercial vehicles against accidents and property damage

Commercial Umbrella

  • Extends the limits of liability policies

Worker's Compensation

  • Medical expenses for workers, compensation in case of death or disability while working for the company

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Corporation Insurance Cost

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:


Location

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.


Number of Employees

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.


Industry

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.


Coverage Limits and Deductibles

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.


Payroll and Sales

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

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Best Corporate Insurance Companies

The following are the best corporate insurance companies in the United States. 




CoverWallet Corporate Insurance


Why Get Insured by CoverWallet?

  • Allows you to compare cheap corporate insurance quotes online for free

  • Easy policy management

Why Take CoverWallet with a Grain of Salt?

  • 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




Next Corporate Insurance


Why Get Insured By Next?

  • Offers numerous policy discount options

  • Covers you in an instant

Why Take Next with a Grain of Salt?

  • 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




Hiscox Corporate Insurance


Why Get Insured by Hiscox?

  • Transparent claims process

  • Can insure multi-national corporations

Why Take Hiscox with a Grain of Salt?

  • 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




Nationwide Corporate Insurance


Why Get Insured By Nationwide?

  • Has considerable experience in insuring corporations

Why Take Nationwide with a Grain of Salt?

  • 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

 



Berkshire Hathaway Corporate Insurance


Why Get Insured By Berkshire Hathaway?

  • Available in 29 US states

  • Provides a discount if a customer decides to pay annually for their premiums

Why Take  Berkshire Hathaway with a Grain of Salt?

  • 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

 



The Hartford Corporate Insurance


Why Get Insured By The Hartford?

  • Offers specialized coverages for very large corporations

Why Take the Hartford with a Grain of Salt?

  • 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

 



Progressive Corporate Insurance


Why Get Insured By Progressive?

  • Offers comprehensive commercial auto insurance included in corporation insurance

  • 24/7 customer service

Why Take Progressive with a Grain of Salt?

  • 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

 



Chubb Corporate Insurance


Why Get Insured By Chubb?

  • Multinational insurance company

  • Offers comprehensive general liability insurance for corporations

Why Take Chubb with a Grain of Salt?

  • 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

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