Insurance Premiums


What affects your insurance premiums? There are three defining elements in determining your insurance premium:

1.Client Risk. This first element is a big one, and is pretty self-explanatory. Basically, insurance carriers want to know how probable a risk might be from actually happening. For example, someone living at the base of a volcano will have a higher risk of volcanic damage than someone living in Gilbert, Arizona. While that is a bit of an extreme example, it does a simple job of explaining what insurance carriers are looking for when determining risk. The more risky the probability the higher the premium – if the risk is too high an insurance company may even pass altogether.

You will find that some insurance companies are in better positions to take on specific risks; which is why Cambridge Insurance Services provides our clients with choices, so they can get the best coverage for the best price.

2.Carrier Expenses. Expense loading includes all business expenses a carrier will need to cover in order to stay in business. These expenses come in all forms – from paperwork and office equipment, to salaries and electric bills. Cambridge Insurance Services only works with financially responsible and highly rated insurance carriers who have been around (for sometimes centuries!) so they will continue to be there when our clients need them!

3.Carrier Profitability. Some, but not all, insurance providers are traded on the stock exchange, which means they are expected to produce profits for their investors. While this is not always possible, the final element that impacts insurance premiums is carrier profitability. Cambridge works with carriers that are and are not traded on the stock market. It is important to keep in mind that ALL insurance carriers are looking to be profitable, which is why Cambridge Insurance Services only works with responsible, ethical and fiscally sound carriers.

Now that you understand your premium a little better, you can see why Cambridge Insurance Services adds value because you get a choice. When you know all your options come from industry leaders – our clients are able to focus on individual need without sacrificing quality.

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