What happens to your insurance bill when your turnover doubles?

Across our book, a business with twice the turnover pays around 40% more for insurance, not twice as much.

That figure is useful, but it only tells part of the story. What happens to your bill as you grow depends less on your turnover and more on what changes in your business along the way.

The short answer

We looked at 1200 policies across 600 clients on our book as of September 2026. Compared like for like, a firm turning over £4m pays roughly 40% more than a firm turning over £2m, not 100% more.

So if a £2m business with a given set of covers pays £4,000, a similar £4m business with the same covers would typically pay around £5,600 (that’s an illustration based on the trend by the way, not a quote).

This doesn’t track the same business over time, but rather two comparable businesses. Your own bill as you grow will depend on the things below.

Why it doesn’t double

Turnover is only one input. Each cover is priced on the thing most closely linked to its risk:

• Professional indemnity: usually fee income, plus the work you do and the contracts you sign.
• Public and product liability: often turnover, but also what you make or sell and where it goes.
• Employers’ liability: your wage roll.
• Cyber: turnover, plus the data you hold and your security controls.
• Directors’ and officers’: your financials, funding and investors.
• Property and stock: what it would cost to replace.

Some of these move with revenue, and some barely correlate. And there’s a baseline cost to cover any business, however small, so growth spreads that baseline over more income.

Cover mix matters more than sector

In our data, the biggest driver of price (after size) is which covers you hold. Sector matters, of course, but less than people expect. It adds a smaller loading on top.

Manufacturing, fintech and cleantech carry the highest loadings on our book; consultancy and professional services the lowest.

Where your bill does jump

Growth rarely means the exact same business but bigger. Doubling turnover usually comes with changes that add cover or raise limits:

• Bigger contracts. Larger clients often ask for higher professional indemnity limits, sometimes £5m or more.
• Investment. Investors commonly expect directors’ and officers’ cover once they’re on the board.
• More people. A bigger wage roll raises employers’ liability. A bigger team also makes employment disputes more likely, which is what employment practices liability covers.
• Selling abroad. Revenue from the US usually costs more to insure than UK revenue.
• Premises and stock. A warehouse or new office brings property and business interruption cover with it.

This is where a growing business’s bill can rise faster than 40%: you’re buying more, not paying more for the same thing.

Tell your insurer when things change

Insurers price your policy on what you told them. If your turnover, headcount or activities change significantly mid-term, that can count as a material change, and you may need to tell your insurer before renewal.

Some policies are also adjusted after the year ends, based on your actual turnover or wage roll. If you grow faster than you declared, expect an extra premium. If you shrink, it may reduce.

What we do about it

We check in with clients quarterly so a growth spurt doesn’t turn into a surprise at renewal. Every claim-free year earns a No Claims Bonus. And if you make one claim in a year and it’s under £25k, your price won’t go up because of it, even if we have to absorb the cost ourselves.

Can you use this to estimate your own bill?

Roughly, yes: if your turnover doubles and nothing else changes, expect something in the region of 40% more, not 100%.

But something else usually does change. The way to get a real number is to ask for a quote.