Factors Affecting Your Commercial Insurance Rates

Keeping your operations cost low means that your net profits will go up as a business. One of the costs that you should be mindful of is your commercial insurance rates. Storey Insurance offers this guide on factors that affect commercial insurance rates for businesses in Senatobia, MS and beyond. 

Factors Affecting Your Commercial Insurance Rates

1. Potential Risk

Some industries and business sectors carry a higher risk than others; for example, construction companies have a greater likelihood of a visitor suing for a site injury than an office corporation or a retail business. Therefore, if your company is in an industry with a higher potential risk, your commercial insurance rates will be higher than those in less risky sectors.

2. Business Locations

Some regions are more prone to extreme weather events like tornados, snowstorms, and floods than others. If your enterprise is based in a location that experiences extreme weather events, insurers will charge you higher commercial insurance rates and vice versa. Additionally, if your company is located in a high-crime area, your commercial insurance rates will be higher than that of a business located in a low-crime area. This is why at Storey Insurance, we always advise our clients to pick their business locations wisely.

3. Claim History

Your claims history will affect your feature insurance rates. If you have made a few claims, let’s say one or two claims, over the last five years or so, insurers will see your business as a low-risk client, and your commercial insurance rates will be lower. However, if you have made multiple claims over the last couple of years, let’s say once every year, insurers will view your enterprise as a high-risk client. Therefore, they will charge you higher commercial insurance rates.

Are you a business in Senatobia MS, looking for the best on your commercial insurance? Contact Storey Insurance today, and we will provide you with an unbeatable commercial insurance deal.