Contact Us: ​(864) 297-9744  
Priority Insurance LLC
  • Home
  • Quotes
    • Auto Quotes >
      • Auto Insurance Quote
      • Motorcycle Quote
      • Classic Car Insurance Quote
      • Golf Cart Insurance Quote
      • ATV Insurance Quote
      • Roadside Assistance Insurance Quote
      • RV Insurance Quote
    • Business Quotes >
      • Cyber Liability Insurance
      • Business Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Dental Insurance Quote
      • Long Term Care Insurance Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Life & Financial Quotes >
      • Life Insurance
      • Annuity Quotes
      • Disability Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Home Warranty Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Other Quotes >
      • Event Insurance Quote
      • Pet Health Insurance Quote
      • Personal Liability Umbrella Quote
      • Travel Insurance Quote
      • Wedding Insurance Quote
      • Boat Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
    • Customer Policy Review
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Home Warranty
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Business >
      • Cyber Liability Insurance
      • Business Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Dental Insurance
      • Long Term Care Insurance
      • Medicare Supplement Coverage
      • Vision Insurance
    • Life/Financial >
      • Life Insurance
      • Annuities
      • Disability Insurance
    • Other >
      • Umbrella Insurance
      • Event Insurance
      • Pet Health Insurance
      • Travel Insurance
      • Wedding Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Accessibility Statement
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
  • Contact
  • Home
  • Quotes
    • Auto Quotes >
      • Auto Insurance Quote
      • Motorcycle Quote
      • Classic Car Insurance Quote
      • Golf Cart Insurance Quote
      • ATV Insurance Quote
      • Roadside Assistance Insurance Quote
      • RV Insurance Quote
    • Business Quotes >
      • Cyber Liability Insurance
      • Business Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Dental Insurance Quote
      • Long Term Care Insurance Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Life & Financial Quotes >
      • Life Insurance
      • Annuity Quotes
      • Disability Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Home Warranty Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Other Quotes >
      • Event Insurance Quote
      • Pet Health Insurance Quote
      • Personal Liability Umbrella Quote
      • Travel Insurance Quote
      • Wedding Insurance Quote
      • Boat Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
    • Customer Policy Review
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Home Warranty
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Business >
      • Cyber Liability Insurance
      • Business Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Dental Insurance
      • Long Term Care Insurance
      • Medicare Supplement Coverage
      • Vision Insurance
    • Life/Financial >
      • Life Insurance
      • Annuities
      • Disability Insurance
    • Other >
      • Umbrella Insurance
      • Event Insurance
      • Pet Health Insurance
      • Travel Insurance
      • Wedding Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Accessibility Statement
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
  • Contact

Priority Insurance LLC Blog

Commercial Insurance To Increase In 2021

8/9/2021

0 Comments

 
Picture
​Since 2017, commercial insurance rates have been on a steady incline and are projected to continue up to this year. A recent survey forecasted that commercial rates would increase up to 11.6% nationwide across all lines.
 
The continued increase in rates are driven by several factors that depend on the type of insurance, which includes but are not limited to:
  • Higher litigation and jury awards
  • Increased medical costs for injury claims
  • Increased property claims costs for natural catastrophes
  • Higher reinsurance costs for extraordinary claims.
 
The following are the predicted increased rates for commercial lines:
  1. Medical Malpractice by 17.5%
    Independent and small groups physicians started to shift to larger groups and hospital employments – which causes juries to award larger damages due to perceived higher incomes.

  2. Commercial Auto by 14.2%
    Costs for modern vehicle reparations continue to rise at higher rates. Additionally, distracted driving caused by smartphone use has spiked the number of vehicular accidents.

  3. Commercial Property by 13.6%
    Damage claims have been more prevalent as natural disasters and catastrophe occurrences become more frequent (and more intensified).

  4. Directors & Officers Liability by 13.2%
    More and more investors have been suing boards and officers for negligence and poor performance.

  5. Environmental by 12%
    There has been an increase in lawsuits against perceived polluters.

  6. Professional Liability by 11.7%
    Prices of insurance increase as heightened litigation in various industries or professions become more apparent.

  7. General Liability by 11.3%
    It is attributed to increasing claims costs and larger jury awards.

  8. Cyber Insurance by 10%
    Since almost all businesses have transitioned to or have a digital infrastructure, cyberattacks have become inevitable. The existence of ransomware that makes companies pay a ransom to cybercriminals to release their hostage systems has become more apparent.

  9. Employment Practices Liability by 10%
    Employee allegations of sexual harassment and discrimination against their employers have been on a steady rise. More states have enacted Employment-related laws protecting victims of workplace discrimination, abuse, and harassment.
 
Moreover, being usually barred from securities investments, the insurer also experiences low investment incomes, especially in the low-interest-rate environment – they just settle for bonds and other safer modes. 

With several commercial insurance companies tightening up their policies, businesses are forced to double their efforts on risk management, safety, and adherence to environmental and employment-related laws. 

These efforts may not help you avoid higher rates, but they can help you get reduced rates.

At Priority Insurance LLC​, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (864) 297-9744. Get your free quote today by CLICKING HERE.
0 Comments



Leave a Reply.

    Contact Us

    (864) 297-9744
    140 Milestone Way
    Suite A
    Greenville, SC 29615​
    Click Here to Email Us

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    March 2018

    Categories

    All
    Auto Insurance
    Business Insurance
    FAQs
    Financial
    Health Insurance
    Home Insurance
    Insurance
    Local
    Motorcycle Insurance
    Renters Insurance
    Safety
    Workers Compensation Insurance

    RSS Feed

Licensed in ​North Carolina and South Carolina

Picture

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

Priority Insurance LLC
140 Milestone Way
Suite A
Greenville, SC 29615
(864) 297-9744
Click Here to Email Us
Review Us

Location

Website by InsuranceSplash