Small business owners generally go for two types of general liability insurance, either a 1 million policy or a 2 million aggregate policy. On average, a 1 million dollar business liability insurance policy would cost $300 to $1,000 a year, depending on the limitations. On the other hand, a 2 million dollar policy ranges from $500 to $1,300 annually. For those with larger businesses in need of more coverage, a 5 million dollar policy usually costs $700 to $1,500 per year.