what is the typical cost i am looking at for a $1Million general liability and errors and omission insurance? I am an IT consulting firm looking to buy insurance
It all depends. I know, not the answer you were looking for! You might have some trouble getting the insurance placed if you`ve been in business for less than 2 years, or it might cost you more.
Do you have a physical location or do you work out of your home? If you work out of your home, you might be able to get coverage attached to your homeowners that is specifically for home-based businesses. I don`t carry any inventory and don`t need any location coverage just GL. I think this runs me about $250 per year for $1mm coverage, including $20k coverage for business property (computers, supplies, etc.) This is in addition to my personal GL which I recently increased to $1mm coverage. I`m not sure which companies offer such coverage, I am with Grange.
A typical BOP (Business Owners Policy) will run at least $1,000 per year. If you are a new business, sometimes more. I`m not sure what the E&O coverage will cost, since I`m not sure what business sectors you would be consulting. I would imagine if you are handling or consulting companies that handle personal information, the coverage might be higher than say other types of information.
I would recommend that you call an independent insurance agent, as they can get quotes from several different companies. You can then see what coverages are available and compare prices. You might also try a couple different agents. I believe working with an agent that you are comfortable with, and explain your options is key!
I hope this helps!
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