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Key Factors That Influence Business Insurance Rates

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Key Factors That Influence Business Insurance Rates

As business owners know, your premium is comprised of a multitude of factors. It’s not a number that is plucked out the air by an insurance agency; instead, it’s developed from analyzing a business risk. To help you understand what your commercial insurance in Banning, CA premium is made up of, here are factors that influence the rate.


Three Factors That Impact Business Insurance Premiums




The location of your business is highly important to insurers. If you’re located in a large property that is exposed to a number of risks, then it’s likely you will be charged a higher premium. Insurers will also assess the condition of the building to understand where to place your premium. For example, your premium may be higher if the roof is in subpar condition. To lower costs, you can consider changing locations, fixing up the property, or outsourcing security measures to professionals.


Workers’ Compensation


Workers’ compensation is necessary even if you only have one employee. Your insurer will look at your payroll, so it largely depends on what you do for a living and how much you pay your team. To work towards lower premiums for this coverage, provide ongoing training to all employees to keep them up-to-date on the latest safety procedures. Implement a safety program that all employees must follow while on the job.




Some industries are inherently more dangerous than others. For example, a construction business will have more risks than a tech company. Certain industries require businesses to take out more insurance to protect them from these risks. For example, consultants must take out errors and omissions coverage in case a client holds them responsible for giving out poor advice. Talk to your insurer about your industry to understand the coverages you may need.


Finding affordable commercial insurance doesn’t have to be hard to find? Let the professionals take care of your insurance needs. Little & Sons Insurance Services has been providing California residents with customized insurance services since 1922. Contact us today for reliable business insurance.


Little & Sons Insurance Services

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Little and Sons Insurance Services is your complete insurance resource. Since we were established in 1922, we assist individuals and business owners with all of their insurance needs, whether it be for auto, home, or commercial insurance. As an independent, full-service insurance agency, our duty is to our clients’ best interests.

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