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Trucking Insurance – Livery Insurance Premiums Up!

As losses occurred heavily in 2017 in Property and Casualty (P&C) and Livery Insurance coverage, premiums are set to rise as companies adjust to major loss impacts. The market setbacks have forced insurers to revise pricing structures to accommodate these losses. These increases are necessary for the industry’s sustainability, as insurers account for the financial strain from last year’s claims.

Underwriters are feeling tremendous pressure to make up for these impacts, and as a result, they are adjusting their strategies to minimize risks and protect their bottom line. This change will make the market uneasy, but it is an unavoidable consequence of the situation. Buyers are encouraged to start cataloging positive differentiators of their risk, which isn’t a bad idea as mentioned in the Insurance Journal article above. Identifying these factors can help policyholders strengthen their position during renewal or while shopping for new coverage.

How will these increases change the way your business is operating? Businesses may need to evaluate their risk profile, adjust coverage levels, or consider higher deductibles to offset the increased costs.

Is it time to shop around for a new insurance policy? Or is it time to study your current policy and make sure you aren’t paying too much by being over-insured? These are crucial questions businesses need to answer to avoid paying inflated premiums without reaping any real benefits. By reassessing your risk exposure, you can ensure that you are not only securing appropriate coverage but also optimizing your financial resources moving forward.

https://www.insurancejournal.com/news/national/2017/11/06/470536.htm

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