Meaning of “premium” in the English Dictionary

"premium" in British English

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premiumnoun

us uk /ˈpriː.mi.əm/

premium noun (EXTRA)

[ C ] an amount that is more than usual:

We're willing to pay a premium for the best location.
Because of their location, these offices attract a premium.
The modified cars are available at a premium of five percent over the original price.
The busy shopper puts a premium on (= appreciates and will pay more for) finding everything in one big store.

More examples

Idiom(s)

premiumadjective

us uk /ˈpriː.mi.əm/

(Definition of “premium” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"premium" in American English

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premiumnoun [ C ]

us /ˈpri·mi·əm/

premium noun [ C ] (PAYMENT)

an amount of money paid at regular times to insure (= protect against risk) your health or life, or your home or possessions:

That could mean higher Medicare premiums for retirees.

premium noun [ C ] (EXTRA)

something extra given or an extra amount charged:

You get a lipstick as a premium with the purchase of this makeup.
Our customers are willing to pay a premium for a superior product.
at a premium

If you get something at a premium, you pay a high price for it, esp. because it is not easily available:

It’s possible to get a large apartment, but only at a premium.

A premium is also a great amount of importance:

The admissions office places a premium on a student’s character in the selection process.

premiumadjective [ not gradable ]

us /ˈpri·mi·əm/

premium adjective [ not gradable ] (EXTRA)

of higher than usual quality or value:

premium gasoline

(Definition of “premium” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"premium" in Business English

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premiumnoun [ C ]

uk /ˈpriːmiəm/ us

an amount of money that is more than usual:

We're willing to pay a premium for the best location.
attract/command a premium BMW, Mercedes, Volvo, and even Volkswagen have usually commanded a premium because they are seen as stylish.

HR, WORKPLACE →  premium pay

INSURANCE →  insurance premium

See also
at a premium

at a high price or a higher price than might be expected:

We made 2.20 a share this year, and are trading at a premium on the S&P 500.
at a premium to sth Investors had bid up the bank's shares in recent weeks, because they thought a bigger bank might buy the company at a premium to the current stock price.
put a premium on sth

to consider something to be very important or valuable:

The busy shopper puts a premium on finding everything in one big store.

See also

premiumadjective

uk /ˈpriːmiəm/ us

of very high quality:

All high street banks offer some sort of "premium banking service" to wealthier customers.

very high, or higher than usual:

Experts advise businesses to switch to producing quality goods, which will be desirable to customers even at a premium price.

(Definition of “premium” from the Cambridge Business English Dictionary © Cambridge University Press)