What are the general liability insurance composite rate class codes?

General liability insurance composite rate class codes are numerical designations used by insurers to categorize businesses based on their industry, risk exposure, and operational activities. These codes help determine the premium rates for general liability coverage, reflecting the likelihood of claims associated with specific business types. Each class code corresponds to a set of rules and guidelines that insurers use to evaluate risk and coverage needs for businesses. The codes can vary between insurers and are essential for underwriting and pricing insurance policies accurately.