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

Common factors that determine your business insurance costs include:

Type of policy

The type of policy a business owner chooses for a business will affect the cost. A basic policy with general liability will cost less than a policy with specialized coverages.

Business size

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


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


The location of a business affects is property value and geographical risks and will either increase or decrease insurance costs.


The more revenue a business makes, the more money it can lose in a lawsuit, making 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 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.

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

*Please review your own policy carefully for details on business insurance coverages. Coverages vary by contract.