How Much Should Liability Insurance Cost?

November 11, 2010
/ Business Insurance
/ By Don

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.

I have also set up several helpful business links to 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.