How much would insurance for running a business cost?

How much will insurance cost for my business?

• I am interesting in getting insurance for my business that i am starting. The business will be a sole proprietorship based in Knoxville,TN. It is a travel agency that is online. How much will general liability, errors and omissions, and umbrella coverage cost cost?

• Answer:

  A Commercial Package Policy that will provide you with coverage for your business personal property and commercial general liability will run you approximately $400 to $1,000 per year depending on how much BPP you have, the square footage you occupy, etc. The Umbrella or Excess Liability should cost between $350 to $500 for a limit of $1,000,000. The Errors & Omissions or Professional Liability will cost between $750 to $1,200 depending on the volume of business that you do and if you do tours your level of involvement in these. You will also need a bond (which I understand is very difficult to obtain for travel agents), workers compensation and employment practices liability insurance if you are planning on hiring employees, etc. I would suggest that you contact a local independent insurance agent that specializes in commercial lines insurance so that he or she can review your business, obtain quotes from multiple carriers and then explain all your options. I hope this helps. Good Luck!