Who Determines How Much My Premium Will Be?

Insurance companies decide which businesses are eligible for commercial liability insurance. They also decide how much you are eligible to get coverage for. Insurance companies have their own classifications which they depend on while considering businesses to cover. Any new business that applies for commercial liability insurance coverage under falls into one of the insurance company's classifications or categories.

The premiums for commercial liability insurance depends on the insurance company and their classification criteria. Based on the rating assigned to your business by your insurance company, you might have to pay a higher premium with a new insurer even if you have a great track record.

External Resources:
Commercial Liability Insurance Policies
Insurance Companies - Commercial Liability Insurance

Liability Insurance Quotes and Premiums

Liability Insurance quotes also include a premium that you need to pay for your
liability insurance policy. The premium will depend on different factors.

• Type of business

• Policy amount needed

• Activity of your business

• Risk of the business

Based on these factors you will need to pay a premium monthly, quarterly, or annually to the insurance company. The premium for liability insurance quotes also vary depending on the insurance company. When a business is assigned a higher risk level, you will need to pay higher premium. Low risk businesses attract lower premiums. If the amount you want coverage for for is high, then you will have to pay higher premium. Different types of businesses need to pay different premium amounts.

External Resources:
Liability Insurance Premium Guide
Liability Insurance Quotes Resource