Factors that Affect Liability Insurance
Several factors decide the price of Liability Insurance:
- The number of employees and the sub-contractors cost (many do not understand their sub-contractors affect their rate even when they carry their insurance).
- How many Owners – if one of the owners is not active or in the field working, we can sometimes exclude them.
- Gross receipts – the total you bring into the business before paying all your expenses.
- The type of work you do – insurance companies call them class codes. Every kind of job description will be placed with a code or similar risk and can be grouped.
Several factors can hinder you with some companies:
- Prior claims or knowledge that a claim could arise
- Job type or description
- How many years of experience
- More sub-contractors than employees
Click here to read more, and we can help you understand some of the complicated insurance situations.
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Don Westerfeld 11/11/2010 6:53:00 PM