Firstly, several factors affect the 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 industry.

Business Insurance Costs

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 general liability and property insurance rates.  


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


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


The more revenue a business 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?

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