What is a GL class code?

What is a GL class code?

General liability class codes are numbers that represent small businesses that do similar work and share common hazards. Using research, insurers can predict the losses companies in each code will experience over time. This helps them set an appropriate general liability insurance premium for those businesses.

What is the GL Class Code for lessors risk?

General Liability Code 61212 (Buildings or Premises--Bank or Office--Mercantile or Mfg. (Lessor's Risk Only)--Other Than Not-For-Profit)

How do I find GL class code?

If you are looking for a GL class code list online, you can find them many places online–such as the official insurance agency associations for most states. Many other websites post a general index of class codes that are important for their viewers, including insurance carriers, brokers, and agencies.

What are ISO Class codes?

The ISO classification system starts with a 5-digit code that describes the industry of the insured—Manufacturing or Processing (Codes 50000 to 59999), Contracting or Servicing (90000 to 99999), Mercantile (10000 to 19999), Building or Premises—office or space leased to others (60000 to 69999), and Miscellaneous (40000 ...

What are GL rates?

For most businesses, GL insurance rates are priced per $1,000 in gross sales or revenue. For many contracting companies, it is priced per every $1000 in payroll. Some other businesses may have coverage based on the square footage of their facility depending on the insurance company pricing the business.

What are GL class codes?

Insurers use GL class codes to predict a business' risk level based on its industry and the type of work performed. Your insurer can also use your class code to list specific exclusions in your general liability policy.

What is a class code rate?

Class codes, also called classification codes or workers' comp classification codes, are three- or four-digit codes that insurance companies use to estimate rates. Codes are based on the risks associated with each type of work an employee performs.

What are classification codes?

Classification Code means a number assigned by an approved rating organization that classifies employees by type of job performed.

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