The cost of business insurance varies widely based on factors such as the type of coverage, industry, location, size of the business, revenue, claims history, and the coverage limits chosen. Small businesses might pay a few hundred to a few thousand dollars annually, while larger or riskier businesses could pay significantly more.

The types of insurance your business needs depend on several factors, including your industry and specific risks you face. Common types of business insurance include: General Liability Insurance: Covers third-party claims of bodily injury, property damage, and advertising injury. Property Insurance: Protects your business property, such as buildings, equipment, and inventory, against damage or loss due to fire, theft, vandalism, etc. Workers' Compensation Insurance: Covers medical expenses and lost wages for employees who are injured or become ill while on the job.

Yes, even if you operate your business from home, you may still need business insurance. Homeowners or renters insurance typically do not cover business-related liabilities or property damage. You may need a business owners policy (BOP) or specific endorsements to your existing policy to cover your business assets and liabilities adequately.