What Are The Factors That Affect Business Insurance Premium?

Several factors influence your business insurance premium, including:

• Industry & Risks: Businesses in high-risk industries (like construction) may have higher premiums.

• Coverage You Need: More coverage generally means higher costs.

• Location of Business Premises: Areas prone to natural disasters or high crime rates can impact your premium.

• Claims History: Past claims can increase future premiums.

• Safety Measures: Implementing safety precautions can lower your costs.

• Deductible: A higher deductible (the amount you pay out-of-pocket before insurance kicks in) usually lowers your premium.