- Your policy limits
- Your deductible
- Your Claims History
- Your Annual Revenue
No business should operate without proper insurance coverage regardless of the size, industry, or profession. Every business needs protection. However, the cost of getting insurance coverage varies based on your business needs, policy limits, and other factors. So what does business insurance cost? Here are things that determine your premium amounts.
Your Level of Expertise
Business owners with years of experience are presumed to have lower risk than those just starting. So don’t be surprised if your agent used these details to calculate your business insurance premium.
Your Industry
The type of business you own is the first thing that will determine your business insurance premiums. Each industry has its level of risk, which insurers consider when estimating insurance costs.
Your Business Location
The state and city your business is located can affect your insurance premium. Also, the larger your office space, the more square footage left open to risk.
The Policy You Want
The type of business you operate will determine the insurance policy you need to get. The more insurance policies you add, the more expensive your insurance premium is.
Your Employees
The number of employees you have will also determine your insurance rate, and this is true with Error and Omissions, General Liability, and Workers’ Compensation policies. The more employees your business has, the more you’ll pay.
Other factors that will determine the cost of your insurance include:
