Commercial Insurance Rates Are Still Dropping
August 12, 2009
Despite public perception that the slow economy is encouraging insurance companies to raise commercial property and casualty insurance premiums, we have been seeing the opposite effect.
It still appears to be a buyers market with insurance companies battling it out to earn new customers and retain their current customers.
By coverage type, general liability was found to have had the greatest rate reduction at 7%, Directors and Officers decreased 2%, followed by a 6% decrease for workers' compensation, 5% for commercial property, business owner's and commercial auto, 4% for business interuption, inland marine, umbrella and excess liability 3% for employment practices liability and crime and 2% for fiduciary.
By sector the report found manufacturing, contracting and service rates all down 6 percent; habitational, public entity and transportation down 5 percent; and energy off 3 percent.
What does this mean for the average business? Now is the time to review your policies. Even if you're in the middle of your policy terms, it might be a good idea to see what the market has to offer as there may be significant savings out there to add to your 2009 bottom line.
*Statistics provided by Market Scout (http://www.marketscout.com) by analyzing data amalgamated at it's insurance exchange and via in-person surveys conducted by The National Alliance for Insurance Education and Research
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