If you are looking to obtain a DBA insurance quote, you may find yourself wondering what factors affect the price that you are quoted. DBA insurance, or the defense base act, is essentially workers compensation insurance to cover individuals who are working on military bases or U.S. government land while overseas. Here are a few of the factors that will affect how much you will be quoted for DBA insurance.
The Number of Employees You Are Insuring
One of the factors that affects how much you will be quoted for DBA insurance is the number of employees that you are looking to insure. It goes to reason that an insurance company has more risk if they are insuring 1000 people compared to a company that may only need to insure 100 people. As such, the number of active employees that you are looking to insure affects the price you pay. If the number of employees you are insuring varies often, look into an insurance company that can adjust your rates monthly as needed based on the number of employees you have in the area at the time.
The Salary Amount for the Employees You Are Insuring
If your employees are injured while on the job, DBA insurance helps to pay them a percentage of their salary if they are unable to work. Because of this, the salary amount for the employees you are insuring affects the price you are quoted. If the bulk of your employees are making $75,000, the insurance company will need to pay them more compared to a company that has an average salary of $40,000 for their employees. In turn, these costs are passed along to you through the form of higher insurance premiums.
The Types of Risks That the Employees Are Being Subjected To
Lastly, an insurance company will look at what risks your employees are subjected to. This may include safety hazards, environmental risks and on-the-job risks. The more risky the region they are working in is and the more risky their job is, the higher your insurance quote will be.
There are many factors that affect the price you are quoted when you are obtaining a DBA insurance quote, and you will find that prices will vary drastically from one company to another. As such, it is important that you understand what factors affect the price you are quoted and that you take the time to obtain quotes from various companies. All of this information will help you to find the right insurance policy for your company.
Share4 November 2018
I have always been someone who loves to work hard for what they have, which is why I started paying attention to how I was protecting my investments. I realized that although I had great medical and dental insurance, my car needed a little extra protection. I started working hard to find an insurance policy that would work well for my needs, and before I knew it, I was able to sign up for a new policy. This blog is all about choosing a car insurance policy that works well for you and your family, so that you don't have to worry about falling short.