Many people do think that Insurers pluck a figure out of the air when they are to do an quotation? Whilst it may seem like this on occasion, the reality is very different.
Pricing an insurance quotation can be a complex series of actuary driven calculations. Here we will try and explain some of the criteria and what influences pricing:
- Turnover and Wageroll – This is the biggest rating factor for insurance quotations when it comes to the price you may pay. The turnover is representative of the likely company size and the wageroll of the number of employees you have.
- Type of Activity – Whether you are a door supervisor, alarm installer or static guard company, the rating developed by underwriters will reflect the claims experienced related to that trade group. Door Supervision companies tend to pay more when they obtain their security insurance quotation than static guards purely due to the claims experienced being worst statistically.
- Location – Sometimes the location and areas where work are carried out can have an effect on the pricing of your insurance quotation.
- Experience – How long you have been in business is also reflected in your quotations for insurance. Sometimes new start ups can be penalised by means of premium loading.
- Claims Experience – How many claims and their value has a specific effect on the price you will pay for your insurances. Having claims can mean that that underwriters are less able to apply discounts to your insurance quotation.
At Security Insured we take a pragmatic approach to rating security insurance quotation, we have the discretion to waive new venture loading and take claims on their merit. We pride ourselves in treating customers as individuals and not numbers.
Why not approach Security Insured today for you security insurance quotation?
Blog created by Golan Lambranzi – Security Insured