How Much Should Liability Insurance Cost?

business1Factors that affect Liability Insurance

 

There are several factors that decide the price on Liability Insurance:

 

  • The number of employees and the sub-contractors cost (many do not understand their sub-contractors effect there rate even when they carry there own insurance).
  • How many Owners – if one of the owners is not active or is not in the field working, sometimes we can exclude them.
  • Gross receipts – total that you bring in to the business before you pay all your expenses.
  • The type of work that you do – insurance companies call them class codes. Each type of job description will be placed with a code or similar risk and can be grouped together.

 

There are several factors that 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.

 

I have also set up several helpful business links that will make you more successful! Click Here!

 

Don Westerfeld 11/11/2010 6:53:00 PM

About the Author Don

Don Westerfeld has been active in the field of Insurance and Financial Planning since 1997. Don grew up in Indiana later moving to Lakeland Florida where he continues to reside with his wife and children. When he’s not in the office you can find him enjoying the great outdoors. He has served on several charitable business and non-profit organizations and continues to provide guidance, advice and support to local charities.

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