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Corporate Insurance
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Cost | Fleet Car | Workers Comp | 6 Tips | Casualty Coverage | Buying
How much does business insurance cost?
The insurance premium may be based on:
- Square footage of the floor area
- Payroll
- Sales receipts
In any case, your
cooperation for access to your books, records, and/or premises is
expected.
Policy periods are generally annual. Payment is due when coverage starts
or as agreed upon. Premium financing is usually available, but be aware of
the interest rate you will be paying as well as the authority given to the
financing organization and how any disruption in your payments will affect
your coverage.
Your cost will be unique to your exposure; it will be similar to risks
insured by the same company, but since this is a competitive market, different
companies will have different premiums. You should know the basis for
the premiums.
Property insurance premiums are based on a rate per $100
coverage. Factors that go into making the rate are construction of building,
occupancy and use, public protection, neighboring exposures and internal
protection, such as sprinklers, etc..
The premium baisis for liability insurance depends on the type of
business. Stores and manufacturing are based on gross sales. Contracting
and service businesses are based on payroll. Apartments are based on
the number of units, hotels, on gross sales, and office space and property
owned and leased to others is based on square footage area.
Anything based on sales or payroll is auditable and can result in
additional or return premium. Companies have minimum and deposit
premium requirements, which can and do vary, and should be considered
when shopping.
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