Why Marriage Status Is Necessary For a Business Insurance Quote

Marital status is just one among many rating factors (risk factors) commercial insurance companies may use in determining your business insurance quote.

Wedding rings
Marital status is needed during the insurance process.

As a rule, this particular factor affects auto insurance premiums but may also be used for calculating the amount you will pay (your premium) for life or homeowners’ insurance as well. In general, married individuals are charged lower rates.

Commercial Insurance companies use a complex process called “underwriting” to assess a person’s risk based on rating factors. While it is beyond the scope of this article to address that subject in-depth, we will briefly examine the factor of “marital status” and why it may affect the cost of your premium in certain instances.

Marriage Fosters Responsibility

Statistics have shown that married policyholders on average are less likely to take risks in their personal and business lives.

Married people are thought to be more responsible, perhaps due to increased family obligations. They tend to be more financially stable compared to single people and are less likely to file questionable claims.

These trends place married individuals in what insurance companies typically refer to as a lower risk class or category.

The lower the risk, the lower the probability of loss to the commercial insurance company.

For these reasons, married policyholders typically enjoy lower business insurance premium rates than their single counterparts.

By comparison, unmarried men under the age of twenty-five will generally pay the highest premiums, particularly in the case of commercial vehicle insurance.

This is another example of how marital status, coupled with other risk factors such as gender and age play a role in determining an insurance quote or premium.

 

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