How Much Does Business Insurance Cost?

Working out the type of business insurance your organisation requires can seem like a minefield at first. There are many factors to consider and you may not be sure of exactly what you need to include in your insurance premium.

If this is the situation for your business, you’re not alone. In fact, 53% of small business owners said their greatest barrier to getting insurance coverage is simply knowing what kind of insurance package their business needs. 

In particular, if an organisation has employees to look after, then insurance considerations should include a discussion of what type of coverage is required to safeguard employee health, safety and wellbeing. 

Contents

• How much does business insurance cost?
• What affects business insurance prices?
• What does business insurance include?
• GasanMamo business insurance benefits.

How Much Does Business Insurance Cost?

In essence, your business insurance premium will be influenced by a wide variety of circumstances. For example, the size of your business, the amount of physical buildings and equipment within the business, the specific type of your business and the number of employees that work with you will all guide your business insurance policy.

In addition, your business will have to consider what type of coverage you want as there are lots of different options to research and select. As a result, it’s nearly impossible to give an exact figure for business insurance as every policy will be priced individually to suit a particular business and its commercial requirements. 

It’s a good idea to write up a list of your main business priorities in terms of insurance so that you can research the insurance company that delivers a policy that matches your needs. 

Realistically, not every policy will cover every list item, but a majority alignment with your goals will make sure your business has the right insurance cover to comprehensively safeguard your organisation. 

What Affects Business Insurance Prices?

Typically, a range of points can affect your business insurance plan, including:

• Location of your business
• Types of equipment and machinery you want to insure
• Maximum level of cover that you need
• The risk level involved in your industry
• Number of employees 
• Business insurance claims you have already made 

As a business owner, you will know that this list may not cover all of your requirements. It makes sense to contact your chosen business insurance provider and ask about the levels of protection they are able to deliver based on your needs. 

Amending the level of cover or altering the cover options in your potential policy may affect the pricing that you are offered in your business insurance deal. 

What Does Business Insurance Include?

There isn’t just one business insurance policy on the market, rather there are some key options to choose for your business, such as:

Business asset insurance

Business asset insurance protects against loss or damage to physical assets such as buildings, machinery, equipment, stocks, and general contents. Some business asset insurance policies offer all-risk cover in the event of fire, malicious acts, storm, flooding or theft. 

Employee protection insurance

Employees are any company’s most valuable asset and it’s vital that their health and safety is protected. Employee protection insurance should make sure that employees are compensated if they suffer an injury or have an accident. 

Loss of income insurance

This type of insurance helps to protect your business if there is an interruption in operations which restrict production and sales. This may also create pressure on resources and stress for your teams. 

Covering business costs is critical for business continuity. Loss of income insurance should make sure that your business is reimbursed to cover any income shortfall and meet costs.  

Liability insurance

If your business is responsible for third-party incidents at your business locations, then liability insurance should protect you in the event of a third-party injury or property damage. 

Cyber protection insurance

So many businesses are investing in cyber security insurance as the risk of cyber threats has doubled in recent years. Cyber protection insurance should cover the costs of incident response, data restoration and business interruption. 

Read how to protect your business with business insurance plans in our blog.

GasanMamo Business Insurance Benefits

When you partner with GasanMamo for your business insurance, there are key advantages that will help make insurance provision simple and help you better protect your entire business. 

These include a team of experts who know the insurance industry inside out, a friendly, professional service and insurance solutions that help your organisation to thrive. 

We offer a diverse portfolio of insurance options tailored to meet the unique needs of your business. Our commitment is to deliver exceptional protection that supports your business’s growth and success. 

Browse our extensive range of business insurance policies in our business insurance section or get in touch with our friendly team of experts for a chat. 

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GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.