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A variety of different factors can impact your small business insurance. One of the most critical factors is your choice of policy type and the operations of your business. 

Here, we list some of the most common factors that could affect policy price.

Past claims

Insurance companies determine a company’s risk level by using different metrics. An insurance broker will ask you for your insurance claims history if you’re applying for a policy. 

In other words, if your company hasn’t made many claims in the past, you will be seen as a low-risk company. On the other hand, if your company has made several insurance claims, this will impact your policy cost. 

Your business 

Your business type or industry will have a considerable impact on your policy price, with various professions carrying different risk levels. For instance, if your business relies on employees travelling and driving around the country a lot, your insurance must be different from an office-based business. 

The size of your workforce 

In addition to the type of business, your insurance policy price will also depend on the number of employees. Regarding workers’ compensation insurance, your policy cost will increase as your payroll and employees increase. 

Other risks 

Several risks have been listed here so far, but there are risks outside of your type of business and the number of employees that can raise premiums. 

For instance, if your company is in a location easily visited by the public, there will be risks associated with this.

Payment scheme 

You will be given a choice of either paying your insurance policy in monthly instalments or a lump sum.

With Online Business Insurance Brokers, you can rest assured that you’re going to get the best deal available.

Additionally, we pride ourselves on our ability to send you ten quotes within 24 hours. With Online Business Insurance Brokers, you’ll have the best insurance policy in no time. Finally, with Online Business Insurance Brokers, you can pay any of our options from any of the insurers monthly AT NO EXTRA COST. 

Get in touch with Online Business Insurance Brokers today to receive tailored insurance quotes from our experienced team. 

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