Priority Insurance LLC Blog
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:
The following are the predicted increased rates for commercial lines:
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.