Insuranks Updates 2022 Average Costs for Different Lines of Insurance

Insuranks, the online insurance quote comparison and educational website, has updated its 2022 average cost list for several insurance subindustries.

Insuranks, the insurance quote comparison and educational website, has updated its 2022 cost estimates of bounce house insurancebox truck insurancetractor insurance, and business hazard insurance cost. With this, the company aims to encourage business owners to be more aware of rates as insurance policyholders and get insured and be protected from risks. 

"Insurance can be cheap or expensive for different kinds of business. There's no one-size-fits-all pricing. It's important that there's a reliable reference that gives an idea about the cost of a particular insurance product", as stated by Ofir Sahar, the company founder. 

Business hazard insurance helps owners mitigate the cost of damage to business property as caused by explosions, fire, smoke, extreme weather, theft, vandalism, and more. The policy is also a requirement for an SBA loan. 

According to Insuranks, the average business hazard insurance cost per month is $63. This translates to an $806 yearly premium. Such a rate is for businesses with a commercial space. For home-based businesses, the cost of business hazard insurance is only $46.17 a month or $554.04 a year. Insuranks recommends CoverWallet, NEXT, State Farm, Progressive, The Hartford, and Berkshire Hathaway GUARD for the best coverage. 

"To estimate the cost of business hazard insurance, we assumed that the policy offers $60,000 in coverage and has a deductible of $1,000", Sahar says. 

There are many policies included in box truck insurance. Insuranks estimated the cost of box truck insurance premiums based on the kind of protection the customer wants to get. Here are the findings:

  • Auto liability insurance for box trucks is $416.66 a month or $5,000 a year.
  • Cargo insurance for box trucks is $145.83 a month or $1,750 a year.
  • Physical damage insurance costs $191.66 a month or $2,300 a year.
  • Box truck non-trucking liability insurance costs $41.66 a month or $500 a year.

In connection, factors that affect the cost of box truck insurance are the value of the unit to be insured, number of box trucks to be insured, location, mileage, type of goods or materials hauled, and business history. 

"As we looked into different carriers that offer box truck insurance, companies with perks that stand out among the rest are CoverWallet, Progressive, Geico, and State Farm", Sahar states. 

According to Insuranks, the primary liability coverage included in tractor insurance costs $695.66 a month or $8,348 a year. Physical damage coverage costs $160 a month or $1,920 a year. Bobtail insurance for tractors is $30 a month or $360 a year. Finally, cargo insurance costs $800 per year or $66.66 a month. Recommended companies for the best tractor insurance are Coverwallet,  Geico, AXA, State Farm, ACKO, USAA, Tata AIG, Farm Bureau, and Liberty Insurance. 

In terms of bounce house insurance, Insuranks states that the average cost is $41.66 a month or $500 a year for a $1 million general liability insurance. These rates only apply to bounce house centers. For bounce house rental businesses, premiums cost $50 a month or $600 a year for a $1 million general liability coverage. Finally, temporary insurance for bounce house business starts at $280. 

Insuranks is an online quote comparison and educational website that's a partner of insurance companies such as Thimble, CoverWallet, Next, and Hiscox. The company provides reliable and relevant information about different insurance products. Insuranks is located at Tel Aviv, HaMerkaz, Israel. 

For more information visit https://www.insuranks.com or email: info@insuranks.com

Source: Insuranks

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Insuranks is an insurance shopping, comparison and educational website for all things insurance, that ranks insurance companies and services based on customer and expert ratings.