The premium audit: Calculating a fair price

calculator-and-ledgerInsurance coverage you select now covers your business during a future term. The rates you pay for coverage are intended to reflect your business’s actual exposure to risk during that future term.

For some lines of insurance, like workers’ compensation, general liability or garage liability, exposure is measured by your payroll and sales and other factors that can be difficult to predict precisely. What happens if you overestimate – or underestimate – future payroll, sales, subcontracting cost or other variables? How can you be sure of paying a fair price?
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How medical expenses affect insurance premiums

medical-emergency

Life-saving technology can also add to medical costs.

Consumers often wonder what factors affect insurance premiums. One big factor is the rising cost of medical treatment.

General liability, homeowner, workers’ compensation and auto insurance claims all are affected by post-accident medical expenses. From initial emergency response and trauma care to surgery, physical therapy and beyond, medical services are essential to helping people recover from an accident. But these life-saving measures are also major expenditures that impact insurance rates. Read More