By: Advocate Brokerage
Chances are you’ve heard us share information regarding the rise of insurance rates. We always do what we can to educate each client we serve because helping our customers protect their business in the event of a loss is of the utmost importance to us!
It’s no secret that insurance rates have been on the rise for quite some time. Let’s take a look at what is causing them:
Inflation in particular has a direct correlation to rising insurance rates and currently inflation in the United States has reached historic rates – the highest it has been since June of 1982. It is important to make sure your business is protected!
According to a new survey from the American Property Casualty Insurance Association (APCIA) many business owners have not taken steps to ensure that their insurance coverage will be adequate should they suffer a claim. The survey revealed:
57% of Business Owners report they have NOT increased their policy limits to account for inflation.
40% of Business Owners admit they do NOT fully understand their insurance coverage.
22% of Business Owners say they have NOT have purchased insurance for their business.
It is vitally important that business owners take steps now to ensure that they have the coverages they need. Moments after a natural disaster has occurred is too late! With hurricane season on the horizon it makes sense to pick up the phone and have a conversation with your insurance broker!
For all of us here at Advocate Brokerage, it is about more than just insurance, it’s about you. We never want to see our clients file a claim and not have the insurance needed to cover the loss. If you have not taken the time to have a conversation with us about your insurance portfolio and how to compensate for inflation, we encourage you to give us a call!