4 Factors That Impact Your General Liability Insurance Premium

General liability insurance can help protect you and your business when accidents occur. However, that protection does come at a price. Every type of general liability insurance has a premium, but how much that premium in will depend on several factors. Read on to learn more:

Size and condition of your premises

General liability insurance protects you from premises liability claims. As such, both the size and the condition of your business’ premises will come into account for your premium. Larger or older premises means there is a great chance of bodily injury or property damage. Smaller or newer premises, meanwhile, have a lower chance.

Location of your business

The size and condition of your business’ premium has a big impact on your premium, but so does its location. If your business is in a high crime rate area, then you may have to pay more in your premium than a business in a lower crime rate. Additionally, high-traffic areas will also lead to higher premiums.

Industry and business operations

Some industries pose greater risks than others. In the firearms’ industry, you may be dealing with higher premiums than someone in the retail industry. This is because firearms (in the eyes of many insurance agencies) pose greater risks to employees and potential customers.

Number of employees

The more people you employ, the greater the chance of someone getting hurt or damaging the property. As a result, your premium will likely be higher if you employ more people. The status of those employees will also impact your premium, as full-time and part-time employees as well as contractors require various levels of protection.

Firearms Insurance Agent can help you find the right insurance for your firearms business. Contact us today to get started.

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