Business Insurance

September 11, 2012

Towers Watson reported this week that workers comp insurance pricing rose by “high single digits” during the second quarter of 2012.

According to Towers Watson's commercial lines insurance pricing survey, commercial lines prices were up 6% overall during the second quarter of 2012 compared to the same quarter a year earlier.

Workers comp and property insurance markets saw the greatest increases.

“Price increases were observed across all account sizes for standard commercial lines, with larger increases for mid-market and large accounts,” Towers said.

It seems that every day we read a new article about workers comp rate increases. In times of economic hardship, many employers are looking to their brokers to keep their workers comp premiums in check. If you are not doing everything for your client to show them savings, they are likely to look elsewhere for cheaper rates. Also, there are a lot of employers out there who are in the market for a new broker who can offer them more than what their current broker is offering.

Fortunately for you, there is a quick and easy way to ensure your current clients stay with you and you sign new prospects. Workers comp premium recovery presents your clients and prospects with refunds on current and prior years' policies; and the referring brokers earn commissions. At a time when rates keep increasing, you can be the broker who offers his/her clients and prosepcts significant savings, thereby holding onto your current clients and signing up prospects.