According to a recent article in the Insurance Journal, commercial insurance pricing jumped by nearly 4 percent in the 2019 second quarter compared to the same period a year ago.
According to a Willis Towers Watson report, price increases are coming for most commercial insurance lines. Property, excess/umbrella, and directors and officers (D&O) lines are approaching double-digit jumps for the first time in several years. The survey also found prices trending higher for all account sizes, though more significantly for mid-market and large accounts.
Workers Compensation insurance is not immune to the potential price increases. According to the IRMI September issue of The Risk Report – Underwriting is becoming more disciplined, with underwriters requesting additional information and scrutinizing it carefully. Expect increased retentions coupled with additional coverage restrictions and lower available limits.
Concerned Your Insurance Premiums Will Increase?
An increase in your commercial insurance can put a strain on any business. Increased costs mean a decrease in revenue. Insurance company underwriters will be reviewing all accounts with more scrutiny. Losses and or safety violations can put your business at risk for higher premiums.
To check on your company’s risk of a major insurance premium increase, start with a Risk Assessment. The assessment provides the insight needed to develop and implement critical safety management system control tools and shows the areas that most need improving. With this audit, your company will gain highly valuable professional insight into your level of compliance with OSHA regulations as well as the level of risk associated with your organization’s operations.