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Frenkel & Co., Inc. Company
Question: What does insurance cost?
Answer: Here are some ballpark numbers. Your actual price may vary:
| Coverage | Estimated Annual Premium |
|---|---|
| Property including Business Income and Extra Expense | $2,500 per $1,000,000 of coverage, depending upon quality of building protection systems and location |
| Commercial General Liability | $1,000 to $5,000 for basic limit of $1,000,000 each occurrence / $2,000,000 aggregate, depending upon size of office and location |
| Business Auto | $250 for Hired & Non-Owned Auto Liability. $2,500 to $5,000 for owned or leased vehicles depending upon cost and garage location |
| Umbrella Liability | First $1,000,000 of coverage: $750 to $3,000 depending on size of office and number of vehicles. Higher limits are purchased in increments of $1,000,000 at a cost of $500 to $1,000 per $1,000,000 |
| Workers' Compensation | $2,500 to $4,000 per $1,000,000 of payroll, depending upon the state. Coverage for partners is elective in most states. |
| Errors & Omissions / Directors & Officers Liability | $20,000 to $35,000 per $1,000,000 of coverage, depending upon:
|
| Employment Practices Liability | $150 to $300 per employee, depending upon state, workforce diversity and turnover rate. Usually less expensive when included in an E&O/D&O policy. |
| Fidelity Bond | $2,500 to $10,000 per $1,000,000 of coverage, depending upon number of employees and assets. |
| Group Benefits | Premiums vary by state and depending upon the number of employees, dependent coverage, use of gatekeepers, deductibles, coinsurance, and other coverage options. |
| Life Insurance | Premiums vary based on policy amount, age, sex, health and tobacco usage. |
