Business Insurance
Rates are down, are yours?
Business
insurance rates are dropping
considerably due to a softening market.
What does this mean for you, the
consumer? For the most part, it
should mean decreases in your general
liability, property and workers
compensation insurance.
Ultimately
though, the actual amount of decrease
you will see, if any, will be based on
several variables. The following
items will have a tremendous impact on
the cost of business insurance for your
company specifically as they will with
all companies.
-
Loss
History - If you have a good loss
history (no losses or very few and
very small as far as dollar amount
paid out and dollar amount set aside
in reserve) rates will be much more
favorable. Where as a bad loss
history (lots of losses and high
dollar amounts) will result in
considerably higher premiums.
-
The
industry that you are in will have a
tremendous impact as to whether you
see a decrease or not. Some
industries will see an increase
regardless of what most others
experience.
-
Lapses
and cancellations due to missed
payments, not submitting reports etc
will affect your ability to get
insurance overall. Many
companies strictly refuse to
insurance anyone that has not had
insurance for a set minimum time
period without any lapses.
Others companies will make
exceptions for new ventures if they
haven't been operating without
coverage.
These are
a few of the variables that can impact
your insurance rates and determine
whether you see an increase or decrease.
Business
insurance in negotiable and even more so
when the market is soft. If you
think your business insurance premiums
are higher than they should be or if you
saw an increase in your premium at this
years renewal and you are not sure why,
complete this simple information form
for a
free insurance quote and it will be
routed based on your geographical
location to a local Agent / Broker that
will be able to provide additional
insight to costs and coverage options.
You then will be able to have non-bias,
detailed information on other options
that you have at your disposal. |
