What it is: Covers employees’ medical costs and lost wages from work-related injuries.
Why it’s needed: Required by law for almost all businesses with employees.
Typical premium: $0.75–$2.50 per $100 of payroll (~0.75%–2.5% of payroll).
Example: $500,000 payroll → ~$5,000–$12,500/year.

What it is: Provides additional liability coverage above general liability, auto, or employer policies.
Why it’s needed: Protects against catastrophic claims exceeding primary coverage.
Typical premium: $500–$5,000/year per $1M limit (~0.05%–0.5% of revenue or assets).
Example: $1M umbrella for $1M revenue → ~$1,200/year (~0.12%).

What it is: Guarantees the fulfillment of contractual obligations.
Why it’s needed: Required by government contracts, construction projects, and licensing.
Typical premium: 0.5%–3% of bond amount annually.
Example: $100,000 bond → ~$1,500/year (1.5%).

Covers:

• Contract Bonds

• Performance Bonds

• Judicial Bonds

• License & Permit Bonds

What it is: Covers ships, cargo, and marine liabilities.
Why it’s needed: Protects maritime businesses against loss of goods, vessels, or liability.
Typical premium: 0.1%–1% of vessel/cargo value.
Example: $1M cargo shipment → ~$5,000/year (0.5%).

Covers:

• Hull Coverage

• Cargo

• Protection & Indemnity (P&I)

What it is: Liability and hull coverage for aircraft.
Why it’s needed: Required by law for aircraft operators; protects pilots, passengers, and aircraft.
Typical premium: $2,500–$20,000/year (~0.5%–2% of aircraft value).
Example: $500,000 small plane → ~$7,500/year (1.5%).

Covers:

• Hull Insurance

• Aviation Liability

• Hangarkeepers

What it is: Combines property, liability, crop, livestock, and equipment coverage.
Why it’s needed: Protects farm assets, income, and operations.
Typical premium: $1,000–$10,000/year (~0.5%–2% of insured farm value).
Example: Farm insured value $500,000 → ~$5,000/year (~1%).

Covers:

• Farm Property

• Farm Liability

• Crop Insurance

What it is: Liability and property coverage for municipalities, schools, and government entities.
Why it’s needed: Protects public funds and assets from claims.
Typical premium: Highly variable; ~$0.1%–0.5% of insured value annually.

What it is: Covers damage from acts of terrorism.
Why it’s needed: Optional federal program; protects against catastrophic losses.
Typical premium: 0.01%–0.05% of insured property value.
Example: $10M building → ~$5,000/year (0.05%).