The amount of money your insurance provider charges you for coverage, usually as yearly or monthly payments.

The amount of a premium is based on several factors, including but not limited to: your business location, the amount of experience you have in your industry, and the number of people you employ.

If you don’t pay your premium, your insurance provider can terminate your coverage and will not help pay for claims that occur during the payment lapse. Generally speaking, the less likely it is that your business will have to file a claim, the cheaper your insurance premium will be.