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The key difference between limited liability and general liability is that limited liability insurance protects a business owner's personal assets (including their business interest), and general liability insurance protects the business.

How Much Does $1 Million of Business Insurance Cost? On average, a $1 million liability insurance policy costs $69 a month, or $824 a year, for our small business owners. However, liability insurance costs vary across businesses depending on factors like your: Payroll size.

A $2 million general liability insurance policy for a business will cost about $64 a month, or about $768 a year, based on Forbes Advisor's research. This includes $2 million of liability insurance per claim, and up to $4 million total for the policy year.

A typical small business in Texas can expect to pay anywhere between $300 and $5,000 annually for their general liability policy. The final cost of liability coverage from one business to the next will vary significantly based on the SIC code or the insurance company's own classification system for GL rating.

How to start a Virginia Sole Proprietorship Step 1 ? Business Planning Stage. ... Step 2 ? Name your Sole Proprietorship and Obtain a DBA. ... Step 3: Get an EIN from the IRS. ... Step 4 ? Research business license requirements. ... Step 5 ? Maintain your business.

So let's get to it. Write a business plan. ... Choose a business structure. ... Name and register your business. ... Obtain your EIN, tax information and licenses. ... Obtain business insurance. ... Open a business bank account and get a business credit card.