As the year approaches its final stretch, there have been quite a number of areas to keep an eye on due to the trending claims and changing scene in the commercial insurance industry. Commercial property and auto losses have brought up a number of challenges for various businesses. Below are three main commercial insurance trends and risk management procedures that have emerged in 2018.
1. Commercial auto insurance
In the recent past, commercial auto losses have led to quite a number of challenges with fleet exposures to various risks. There have been emerging drivers to the rise in frequency of these claims. These include: advancements in technology, changing social trends and improvement in the economy.
Business needs to be proactive in managing the risks that arise by promoting fleet safety, adopting the use of telemetric data, and engaging insurance partners in order to maximize results.
2. Property losses
Due to the rising cases of disasters in the United States, damages from natural disasters will tend to increase the costs of the premium for most of the property. The best possible ways that businesses can manage this increase in rates is through working with a specific long-term broker who will be able to maintain your current pricing.
3. Cyber and data security risks
With the escalating cases of cyber-attacks, hackers are now able to access people’s sensitive information. As a matter of fact, no business is immune to a prospective breach of data. Organizations should consider cyber coverage for common tactics used by hackers. This coverage has lately been affordable to help businesses protect their employees and assets too.
4. Employment practices liability
Harassment allegations by employees have recently hit headlines. This trend is however expected to increase which will possibly lead to higher deductibles. It is therefore important to tell your insurance broker immediately to avoid risking necessities in your policy.
If you are a business facing different potential risks as a result of the trending commercial insurance trends, visit us today at Sandpoint, ID, The Insurance Shop USA for proficient advice on the best coverage and preparedness.
