17 Nov Another Hit…NC Business Insurance on the Rise
More bad news for consumers; trends indicate that after eight years of declining in prices, the costs for most types of NC business insurance are on the rise. Prices for three of the four types of commercial lines are up, with the only line still seeing a decrease in cost being Directors and Officers insurance. However, this lime seems to be an anomaly in the overall trend of commercial insurance.
What is the reasoning for the negative trend after eight years of declining premium costs? And how can consumers fight the rising cost and find affordable business insurance? Keep reading to find out!
The Risk Management Society (RIMS) completed a survey showing the current direction in the commercial insurance world. They found that for the average renewal premium, prices recently rose anywhere from 1.2 percent to 2.1 percent. But, why? One major reason is likely the fact that the world has had one of the worst disaster years in history, with insured losses topping $70 billion so far. A scary fact that RIMS also found was that one more large catastrophe could result in an even greater and faster price rise for business insurance.
The good news that goes along with this is that there are still a few ways for consumers to battle back and find affordable NC business insurance.
- Take advantage of your insurance agent. No, don’t use them. But take advantage of their desire to find you the best policy by comparing and shopping around.
- Look for a package of policies such as the Business Owner’s Policy (BOP). With the number of different policies needed to cover a small business, it’s often cheaper to find a package that envelopes it all together.
- Be proactive in preventing loss. There are ways to reduce your premium cost by taking pre-emptive actions in increase workplace safety, having a disaster plan, and so on.
- Increase your deductible. As with all types of insurance, the higher the deductible is the lower the cost of the premium will be.
While the rising cost of business insurance is something to be aware of, there are still ways to find an affordable policy that is perfect for your small business. Do you want to know more about NC business insurance? Call us today at 877-318-5951 for more info!