The business owner policy premium can change year to year, typically it is an automatic renewal, so be sure to review your business owner policy each year.
The location of your firm can have an effect on the business owner policy renewal premium. The premium may be lower or higher depending on the location of your firm’s business. The age of the building can also have an effect on the premium. Additionally, if your firm has multiple locations this can increase the premium.
The business personal property limit may have an inflation guard on the policy. This increases the business personal property each policy year and can have an effect on your premium. If your firm purchases property during the policy period and increases the business personal property, this can also increase the premium.
If your firm has additional endorsements on the business owner policy such as ERISA coverage, hired and non-owned auto liability coverage, additional insured endorsement or any other endorsements added can potentially change the renewal premium.
Increasing the general liability limits on your firm’s business owner policy can have an effect on the renewal premium. Or you may have added an umbrella endorsement to the policy, that can also have an effect on the premium.
The insurance companies do have standard rate increases in specific sectors of their business that can increase your specific firm’s business owner policy premium.
Claims can also have an effect on your firm’s business owner policy premium. It will depend on the severity of the claim or potential frequency, but this can increase your premium.
If you have any questions about what effects your firm’s business owner policy renewal premium please call, or email, your Professional Underwriter agent for assistance.