The cost of engineering insurance can vary from business to business and risk to risk. A number of factors can impact the premium of an individual policy, including:
Size and turnover
Geographical location
Claims history
Services and goods sold.
Different insurers may also have different pricing structures. Insurance providers can base a policy’s premium on the risks they take on – and having a high number of exclusions can reduce these risks, which may result in a lower premium.
We strongly recommend reviewing the policy wording or product disclosure statement beforehand to make sure the cover you are arranging meets the specific risk requirements of your business.