Your insurance premium is based on the insurer’s assessment of how much risk your business presents and the likelihood of a claim. This is combined with the level of cover you choose and other factors that help the insurer work out the price for protecting you.
Some of the things that influence your premium include:
- Your industry or occupation
- Your turnover or number of employees
- The type of insurance and level of cover you select
- Your claims history
- Where your business operates and what activities you carry out
- How your policy is structured, including any limits, sub-limits or excesses
Certain industries carry higher risks than others. For example, professional indemnity insurance can be more complex for an insurer to assess because it involves looking at the advice or services you provide. Insurers also consider broader factors, such as market conditions, reinsurance costs, and inflation, which can impact pricing across the board.
What makes up the final premium? #
Your total premium includes more than just the base cost of the insurance itself. When you pay a premium, it generally covers:
- The insurer’s charge for taking on your risk
- Government charges & levies such as stamp duty, emergency service levy and GST
- A broker fee, which covers the service and advice provided by Webber Insurance
If you have any questions about how your premium is calculated or would like to explore ways to adjust your coverage, our team is here to help. We are always happy to explain the details and guide you through your options.
To discuss your current policy or arrange a quote tailored to your needs, please contact us.
