What Is E&O Insurance Rated On?
More often than not, the answer is revenue. Changes in revenue will often be the driving factor for rate change on renewal.
But how is premium initially determined? This depends entirely on the industry. Tech E&O policies may look at revenue in conjunction with monthly average users.
Allied health/malpractice premiums will be guided by the number of covered care providers. A tour guide’s E&O policy may be rated on “hours”: hours per tour x number of customers per tour x number of tours per year.
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