Factors 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