How Leap / Carpenter / Kemps Helps Build a Business Insurance Program
7 Commercial Insurance Policies to Protect Your Business
How to Develop a Better Understanding of Business Liability Insurance
We live in world that is changing by the moment. These changes create risk trends that will impact your business. As you start your planning for 2016, we thought you might want to consider these. 2016 will provide a perfect storm due to a number of factors including: midterm elections, the cost of healthcare, changes in employment laws, political unrest throughout the world, and continued tightening of federal laws relating to business operations.
It will be important to evaluate your business insurance program to make sure these and there items are managed properly. Nearly 90% of the executives polled said that they plan to increase their investment in risk management in the next two years, and more than one in four (26%) said they would up their spending by more than 20% in that time. Source: PC360
- Commercial pricing- there may be a softening on the commercial market in 2016. This will allow businesses to consider other coverage such as flood, EPLI or pollution liability.
- Increased reliance on technology will lead to better run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policy holders, and operations.
- Every business will need to consider cyber insurance. Most businesses have a greater risk of a cyber-attacks than n they do of having a fire. Cyber security was big news last year. Hardly a week went by without a report of a data breach in some industry. In fact, the Identity Theft Resource Centerreported a record high of 1,233 data breaches in 2014, which is a 30 percent increase from 2013’s numbers.
- With changes in healthcare, many experts are predicting a shift in workers’ compensation coverage to help off-set increases in healthcare. Medical costs may shift away from health insurance and into workers’ Compensation.
At Leap / Carpenter / Kemps, Merced County’s largest locally-owned agency, we have an experienced staff of professionals who understand that each business is unique and that the one-size-fits-all approach just doesn’t work. Our agents have access to more carriers and more plans, and that means that they have more options to create the best possible combination of coverage to minimize your risks and lower your costs.