How is business insurance cost calculated?
Put simply, the cost of business insurance is proportional to your risk. Factors that will impact the cost of your insurance will typically include:
• The size of your business (turnover/number of employees)
• The nature of the work you carry out (your trade/industry sector)
• Your cover requirements (limits of indemnity, excess)
Other factors may also come into play, such as your claims history, non-standard business practices, and international considerations.