The segment for commercial automobile insurance is continuing to experience deteriorating results. In fact, commercial auto insurers reported the worst losses in a decade, according to this article from Insurance Journal. Driven by numerous factors including costlier litigation from social inflation and increased repair costs, the average business may see double-digit rate increases on upcoming renewals on their commercial automobile line of insurance! There are ways to help control that expense.
Here are two things to keep in mind as you’re preparing for your insurance renewal:
- Proper safety and loss control techniques can help you decrease the frequency and severity of potential claims, therefore lowering your costs organically. It is imperative for business owners to speak with their agent to assess their current risk management strategies and improve areas of weakness.
- While there is an ongoing trend of worsening underwriting results for commercial auto insurers, certain carrier’s results may be more profitable than others, putting them in a stronger financial position to offer premium savings and more favorable terms and conditions. You need a knowledgeable agent to navigate which carrier would be the right fit for your business.
Univest Insurance can help solve for both areas above through our dedicated, in-house Loss Control Services team and access to the majority of insurance carriers and programs in the commercial automobile marketplace. If you haven’t had your insurance portfolio reviewed in a while, now may be the perfect time. Contact us today at 800-220-3077 or email@example.com.
Insurance products offered through Univest Insurance, Inc. are obligations of the issuing insurance companies, not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States.