Down here in Belize there are three (I think) insurance companies, all offering similar products for vaguely similar premiums. The ones that are reputed to be better funded (important in a hurricane region, where claims come in thousands or not at all) and have a better payout record charge more, quite a lot more (at least 30% extra). The rates I have quoted are clearly approximate, but they are based on the lower end of the range.
Unless there is clearly something odd insurance companies here don't inspect premises (I'm not talking about buildings insurance, where clearly they do, but the businesses conducted within those buildings). Mandatory boat liability insurance (which nonetheless isn't universal - regulation here is poor) is based purely on the numbers of people the boat is declared as being able to carry. The boats aren't inspected, nor does anyone come along to see how the business operates.
I've never had business continuity cover here because it's too expensive, but that is based purely on turnover per audited accounts. Before there are any audited accounts the insurance company estimates what your turnover will be from general questions re the business and funding. As with all insurance, if there's a claim THEN they go through your books in detail and if they decide you were under-insured they abate the claim. If you were over-insured that's their gain, thank you very much!
The point I'm making is that the cost of insurance is almost unrelated to the way the business is run. Smaller businesses, and there are lots of reasons why a business might have low turnover, are proportionately harder hit by insurance costs.
The other point I'm making is that not everywhere in the world follows the US model. When you come to the Caribbean it may feel like your back yard, and you may feel that you bring with you all the benefits and protections that you're used to by being an American. Especially here in Belize where the language is English (well, a version of it anyway). NO, that's NOT the case.
