businessinsurance – Premier Insurance Services

Survey: Commercial Insurance Rates to Continue Rising in 2021

Post author:Mark Kofalt
Post published:February 8, 2021
Post category:Business

The commercial insurance rate hikes that have been ongoing since 2017 are expected to continue into 2021 with double-digit increases for most lines of insurance, according to a new report. The survey of insurance executives by Alera Group Inc. forecasts that commercial rates will increase across all lines nationwide by an average of 11.6% this year. While the rate hike percentages will certainly vary from state to state, it predicts that workers' compensation will see the lowest rate average rate increase of 4.7%, while the highest is forecast to be for medical malpractice insurance at 17.5%. The rate increases continue…

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Three Major Cyber Threats to Businesses

Post author:Mark Kofalt
Post published:January 11, 2021
Post category:Business

Cybersecurity threats have continued growing, in fact they been ramping up during 2020, and the trend according to experts is that the risks will continue to grow at an exponential rate. And small to mid-sized firms that think they will fly under the radar of cyber threats are sadly mistaken, as they are usually easier pickings for criminals. Worse yet, one incident could put a firm out of business. To protect your company from attack, here are three cybersecurity threats you should prepare for now. Ransomware attacks In a ransomware attack, hackers access your data and hold it hostage until…

Your New Year Insurance Checklist

Post author:Mark Kofalt
Post published:January 4, 2021
Post category:Business

As 2021 gets underway and while you're making New Year's resolutions, you should also resolve to review the state of your business's insurance program. The best way to do that is to start by reviewing your enterprise's activities in the past year and how they may affect your insurance policies in the new year. What you find as you go through the following checklist may surprise you. Did your operations change last year? Workers' compensation and commercial general liability (CGL) insurance premiums are based in part on the type of work your business does. If your business changed, the insurance company…

The Story Behind Increasing Commercial Auto Insurance Rates

Post author:Mark Kofalt
Post published:December 21, 2020
Post category:Business

Commercial auto insurance rates have been on the rise since 2011, increasing often by more than 10% a year as accidents and claims costs have soared. The trucking industry has been the hardest hit by the steep increases, and there are a number of factors contributing to the rate hikes, according to a recent study by Risk Placement Services. One of the biggest factors is that insurers have had trouble keeping up with increasing accidents and spiraling claims costs, leaving them in the red for most of the past decade. Huge court verdicts, higher maintenance expenses, reduced freight demand and…

Pandemic Telecommuting and the Wage and Hour Dilemma

Post author:Mark Kofalt
Post published:December 7, 2020
Post category:Business

With the coronavirus pandemic forcing so many of our employees to work remotely, and with mobile technology allowing them to work from anywhere, your employees may be working when they are off the clock. They may feel pressured to do so or maybe they just want to get their work done, but if they are working past normal working hours, it could spell trouble for your organization. The proliferation of smartphones had already led to a rising number of lawsuits by employees claiming they were required to work uncompensated on evenings and weekends when not on the clock. Now, labor…

Commercial Insurance Rates Continue Climbing

Post author:Mark Kofalt
Post published:November 30, 2020
Post category:Business

Despite the ongoing COVID-19 pandemic, commercial insurance rates are continuing to move higher, pretty much across the board with the exception of workers' compensation. A new report by online insurance exchange MarketScout found that in the third quarter of the year the highest rate increases were in liability lines, but hefty rises in property insurance were also noteworthy. Most of these rate hikes were occurring before the COVID-19 pandemic, but their magnitude increased recently. "The composite rate is up 6.25% for the third quarter of 2020, as compared to up 4.8 percent in the second quarter. Rates began adjusting upward…