The cost of a CGL policy is based on just a few things: where you work, what you do, how long you need coverage, and the size of your team. Policies arranged by Thimble start at $17 a month, but every business is unique, so it’s always best to get a general liability insurance quote.
While we’re digging into cost, let’s talk deductibles. When you buy general liability insurance (by the job, month, or year, with Thimble), the amount you pay is called your ‘premium.’ But do you pay any more when you file a claim? Not exactly; the amount you are responsible for if you file a claim is what’s known as your ‘deductible.’ A deductible encourages policy holders to take precautions to avoid a loss by having them share in the expense of a claim.
For example, if you select a $250 deductible on a $1 million limit general liability policy, then file a claim for full limits, you would have only paid your premium and deductible in exchange for $1 million in coverage. Pretty solid math if you ask us. Deductibles on CGL policies from Thimble range from $1000 down to $0.
$17 a month on the low end, $42 on average, $1 million or more in coverage, and deductibles as low as $0. You might just be looking for cheap general liability insurance, but think of general liability insurance as an essential expense for starting a business, just like business cards or your website. Ultimately, what it costs is negligible compared to what it’s worth.