How much does commercial insurance cost
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Business insurance (or business multi-risk insurance) protects the self-employed and companies against damages that their premises or establishment may suffer (due to fire, atmospheric phenomena, theft, flood, etc.), as well as claims that they may receive as a consequence of the development of its activity, as main guarantees. How Much Is Business Insurance? Is It Worth It?
According to data published by IKEA, the average premium for commercial insurance taken out in 2020 was EUR 407. Focusing on newly produced commercial insurance, the average premium for commercial insurance contracted in 2020 was EUR 446, which reflects an increase of more than 20% compared to 2019. These data correspond to aggregate data. of the largest commercial insurance insurers in the market (Allianz, Mapfre, Segurcaixa, Generali, Axa, Zurich, Reale, Catalana Occidente, Plus Ultra, BBVA Seguros, Caser, Ocaso, etc.), and
shows differences depending on the contracted channel :
- The average premium for commercial insurance contracted through agents and brokers were EUR 443.
- The average premium for commercial insurance contracted through the banking channel was EUR 473 (it is common for this channel to show more expensive prices given
If we compare the ICEA data with the commercial insurance contracts made through Aseguratunegocio.com, we can verify that the users of Aseguratunegocio.com are managing to save more than 50% on average, since taking 2020 contracts as a reference, the average price of commercial insurance taken out through Aseguratunegocio.com was EUR 198. Thus, in Seguratunegocio.com, 65% of the business insurance was contracted for a premium of less than EUR 200, 25% between EUR 200 and EUR 300, and only 10% of the businesses paid more than EUR 300 premium for your trade insurance.
At Aseguratunegocio.com you can calculate the price of business insurance that best suits your business with 20 Insurance Companies, saving up to 50%.
Although the average price of commercial insurance gives us an indication of the cost of these policies, the answer to the question of
how much commercial insurance costs will depend on the answer to the following variables:
- Contracted coverage. Business insurance protects the business from damage that may occur in the premises, furniture, or merchandise due to fire, theft, electrical damage, water, meteorological phenomena, acts of vandalism, glass breakage, etc. To the extent that coverage for the continent is contracted or not -for example if the premises are rented- or what is the content capital to insure the stocks or furniture, the price can vary significantly. It must also be considered that some policies include coverage such as loss of benefits due to stoppage of activity or machinery breakdown, and in these cases, the price of the policy will be higher as it provides more coverage (we will tell you more about the coverage on our page upon business insurance).
- The characteristics of the place. The size of the premises, where it is located -at street level, in a shopping center, in a warehouse, etc.- and its characteristics -built material, renovation works, security measures such as alarms, fire extinguishers, armored doors, bars, etc.- determine their risk and reconstruction value, and therefore the price of coverage for damages and also locative civil liability.
- The business activity. The risk and amount of civil liability claims by third parties depend on the type of activity carried out in the business. The risk of claims derived from civil liability for exploitation in a bar or cafeteria, for example, is greater than in a stationery store. On the other hand, civil liability for products, normally included in commercial insurance together with civil liability for exploitation and employer, has a greater risk in a food store than in a hairdresser’s, for example.
- The number of employees: the risk of an accident is greater the number of employees, which affects the price of the Employer’s Liability coverage.
- The chosen insurer: for the same level of coverage and the same insured risk, it is possible to find price differences of up to 40% from one Insurer to another, depending on the claims experience that each Company has in each activity and the applicable promotions in every moment.
If you want to know how much commercial insurance costs for your premises or business, request your personalized budget at Aseguratunegocio.com and a specialist commercial insurance agent will contact you so that you can find the insurance you need at the best price on the market.