Business Insurance

August 6, 2012

Commercial property/casualty insurance rates continued to rise in July, increasing 4% on average compared with those of a year earlier, according to a report released Monday by MarketScout.

According to the Dallas-based electronic insurance exchange, commercial property rates registered the greatest increase at 6%, compared with those of July 2011. Commercial automobile rates increased 5%, while rates for workers compensation, general liability and umbrella/excess each increased 4%.

No line of coverage experienced a decrease.

Richard Kerr, CEO of MarketScout, noted in a statement that rates increased for all types of accounts. Small accounts moved “from plus 4% in June to plus 5% in July,” he said. “Jumbo accounts increased one percentage (point) to plus 2%.”

All rates are up, which means your clients are shopping around for better pricing. What makes you better than the broker up the street, or the other 20 brokers in town, five of which specialize in the same field of insurance as you? Offer your clients workers compensation premium recovery and keep them happy for a very long time with workers compensation refunds.