Cost

COST-WATERCRAFT-BANNER

Firstly, several factors affect the average cost of business insurance. The less risks a business is to an insurance provider, the lower their insurance premiums will be. However, the insurance costs will also vary by location and by specific business industry.

Business Insurance Cost

Most importantly, common factors that determine your costs include:

Type of policy

This will affect the cost. A basic policy with general liability will cost less than a policy with specialized coverage.

Business size

The physical size of a business will influence the cost of general liability and property insurance.  

Industry

A policy will also be affected by the risk profile of the company. A risk profile is determined by industry.

Location

This affects a business’ property value and geographical risks. Secondly, it will either cause insurance costs to go up or down.

Revenue

The more revenue a business operation makes, the more money it can lose in a lawsuit. So, this makes their risk profile and insurance rates higher.

Contracts a business signs

Errors and Omissions insurance depends on the types of contracts you sign.

How many employees you have

Businesses with higher numbers of employees generally pay more for business insurance. This is because their risk profile is greater than companies with fewer employees.

Claims history

Business owners who have multiple claims in their claims history will pay more for business insurance.

More Information

Do you need more information about business insurance quotes or general liability insurance costs? Our licensed insurance agents and customer service representatives are here to help with your insurance company needs. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. For your convenience, our offices open from 8 a.m. to 9 p.m. CST, 7 days a week.

Additionally, we can help you find an insurance quote right on our website. Because we want  to help you save money wherever possible, we offer our online quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics, such as coverage for repairing or replacing parts for your car after a crash, how to file a police report, and why you should never admit fault immediately following a car crash.

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Lastly, we also have blogs that may help you with any questions you have. For instance, our blogs cover many different topics. From how to keep your car cool in the summer, to proper steps to take after Godzilla damages your car.

*Please review your own policy for details on business insurance coverage. Coverage varies by contract.