The first few things that are taken into consideration are your age and your gender.
Beyond that, the big factor is whether or not you use tobacco. Someone who uses tobacco in any capacity is likely going to pay a higher premium than someone who doesn’t.
Beyond tobacco use and your age and gender, your health history does play a role.
If you suffer from any sort of a terminal illness, you likely will not qualify for life insurance. On the other end of the spectrum, if you’re very healthy, you should qualify for a better rate.
I’m starting a small business. What insurance do I need?
When starting a small business, most of the time, money is pretty tight and price is a major consideration when deciding to buy anything. Usually, and unfortunately, insurance is pretty much always close to the bottom of the list.
At a bare minimum, you do need to consider the purchase of any insurances that are mandated or required by the state that you’re in, and the industry that you’re practicing in.
In my opinion, the most common required insurance in Pennsylvania is workers compensation. If you have employees, you need a workers compensation policy to cover them in the event that they are injured on the job. You should have this in place on the day you open up shop.
Next, you should think about protecting yourself and the assets of your business. This can usually be accomplished with the purchase of a business owners package, which would include general liability coverage and coverage on the business personal property.
General Liability protects you against negligence claims, and the business personal property actually protects the property of the business. Depending on the amount in your specific industry, these small business packages can be purchased starting at $500.
Again, a lot goes into pricing and the pricing will vary. There are several other coverages that you need to consider and review, such as employee benefits, health insurance, professional liability insurance, cyber insurance, bonds, and crime policies, just to name a few.
But if you’re just starting out, you need to make sure you address the first three items that we talked about – workers compensation and a small business owners package which protects in general liability, and business personal property.
