Three Factors that Could Affect Your Insurance Premium

Many people are understandably intimidated by the term “insurance.” Finding, understanding, and using insurance can be overwhelming and confusing. Working together with your provider, you can gain a thorough understanding of your policy to get the most out of it. As a start, here is a brief rundown of three factors that could affect what you pay on your premium for construction insurance in Wayne, NJ.

  1. The Size of Your Company – The larger your company and the more employees you have; you may pay more for your premium. Smaller companies with less employees are often viewed as easier to manage and thus, less of a risk. Your company’s size will be assessed as part of determining your premium price.
  2. The Location of Your Company – Some environments, climates, or industrial areas pose a much larger risk than others. Depending on the location of your company and various conditions, your premium could be affected.
  3. Risks Faced by Your Company – Construction companies face a variety of risks that are unique to the industry. When customizing your plan, take into consideration the risks your company faces. Add-ons like pollution liability or builders risk will play into the premium you pay.

Now is the time to invest in construction insurance in Wayne, NJ. Your premium will be decided based on several factors including the size and location of your company, as well as the risks your company faces.

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