What Affects Your Premium Rate?

The main reasons rates increase

There are a number of factors that go into determining your insurance premium. Due to this, there are various reasons your premium rate might increase. A few of the more common reasons your premium can fluctuate include:

Prior claims: A history of claims can and will affect your premium. The more frequently claims occur, the higher the price to insure your business. By having previous claims on your record, the odds are greater that you’ll make another one in the future.

Non-payment: By missing a payment, you damage your reputation with an insurer and your future rates with the company are likely to be higher. The more payments you miss or make late, the less stable your premium will be. Missing payments can also cause a company to deny future coverage or even drop your policy.

But the main reason for differences in premiums is a difference in coverages. Although your policy may seem the same as your old coverage, a dramatic difference in price is a sign of a drastic difference in what is actually covered. Many people won’t find this out until after a claim when they find they aren’t covered. Always make sure you protect yourself and ensure your policy has the coverages you need to protect your business.

At Joseph D. Walters, we have an exclusive plan with exclusive coverages that most companies cannot even offer. Be careful and always make sure you are protected properly, before a claim happens. With over 5,000 satisfied power wash insurance clients, we have pretty much seen it all and we know the coverage you need to protect you properly.

Call us today at 1-800-878-3808 for a FREE quote or review of your current coverage, even if you don’t go with JDW, to know you have the coverage that will keep your business safe before a claim happens!

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