Premium Charged
Like other insurance products, the premium charged depends on the coverage amount and the risks involved. Typically, for $1 million coverage, the premium charged is $3,500 with a deductible of $5,000. This amount is not fixed and may vary depending on the insurer and the time of issuance of the policy. The amount of premium charged is higher for business with relatively poor security measures as compared to the ones who are better equipped.