Insurance coverage premiums
Learn more about biBerk’s insurance premiums and how we calculate them.
What is an insurance coverage premium?
What is an insurance coverage premium?
A premium in insurance is the amount you pay on a regular basis, either monthly or yearly, to ensure your policy remains in force and provides protection for your business. It’s important to pay your premium (manually by making a payment OR signing up for Autopay) so that your coverage continues without interruption.
How we determine your biBerk premium
Our process ensures premiums are fair, accurate, and appropriate to the risks covered. We make our determination based on the type of policy and several characteristics of your company and workforce, including how long you’ve been in business, your location, industry, and claims history. We may also assess the value of your assets, your payroll, and the risk level of your employees’ work. Other variables, like your deductible, can affect your premium. For some policies, we conduct audits at the end of the coverage period that can result in an amount due or a refund.
Auditing to adjust premiums
Auditing to adjust premiums
We estimate your premium based on current payroll and revenue, but adjustments may be necessary at year-end due to business changes. These business changes include hiring, termination, overtime, raises, and job function alterations. Overpayment of your premium results in a refund from us, while underpayment requires additional billing. This process ensures fair billing based on actual payroll or revenue.
Why your premium can change
Your insurance premium can change after your initial payment for a couple of reasons:
Policy endorsements
Endorsements include things like modifications to your coverage, adding or removing a driver, or adjustments following audits. Endorsements can increase or decrease your premium.
Incomplete or inaccurate application
If the information you provide isn’t accurate and complete, we may have to correct it after your purchase and modify your premium.
You will be notified by mail and email of any premium changes during the policy period.
Other common questions
These common questions and answers about insurance premiums can help you better understand the process. We’re also happy to answer any questions you have.
To make an online payment, log into the Make a Payment page using your policy number and associated phone number.
Changes you have requested to your policy, including adding or removing a vehicle or driver, or changing your business address, can affect your policy premium. Whenever your policy is changed, you’ll receive an email or text notification.
Updates you have requested to your policy may affect your premium. We'll provide information about changes to your coverage and premium after the review period.
When your original policy was written, the calculated premium (the amount you were charged) was based on certain information (for example, estimated payroll exposures and employee classifications for a Workers’ Compensation policy). That information must be verified after your coverage has expired (or upon cancellation). Your participation in a premium audit is required by state laws and regulations and is a means of reviewing your records and operations to determine the actual risk exposure and make any necessary adjustments to the amount of premium charged.
To review your premium and due date, log into the Make a Payment page.
It might affect your premium when you renew your policy.
