Are Your Albuquerque Commercial Insurance Costs too High?
Most Albuquerque commercial insurance experts are predicting lower rates for most businesses across the United States. “Commercial insurance buyers should anticipate lower rates and wider choice in coverage terms at upcoming renewals as insurance pricing softness accelerates in most lines.”1
Commercial, or business, insurance rate reductions are due to a softening in the market, reduced catastrophic losses, and continued competition among the leading insurers.
Commercial casualty lines are expected to range between -10% and 10% for 2020, and commercial property rates, which have fallen for several quarters, in 2021 are expected to reduce by 10% to 15% for both catastrophe and non-catastrophe-exposed risks, according to the report.2
Rate vs. Premium
Rate is the cost of insurance per exposure unit, such as revenue or payroll. The premium is based on a formula of rate times exposure. Your rate could go down, but if your revenues are up it could affect a flat premium.
With the exception of California, Pennsylvania, and New York, most states are applying for lower rates.
Have Us Shop Your Commercial Insurance
Now is the time to contact us to help you review your risk, design your program and market your commercial business with our top rated markets. Your commercial program should include:
1. Commercial liability
2. Commercial auto
4. Workers’ compensation
5. Cyber liability
6. Directors & officers & professional liability
7. Employment liability
8. Bonds and dishonesty
9. Umbrella or excess
1-Gavin Souter Business Insurance September 2014
2- Property Casualty 360, October 2014
Please feel free to call our office and we will be happy to review your documents and insurance information.Route 66 Insurance is a full service Independent Insurance Agency. With over 23 years of experience in the insurance industry we are the company you can trust. If you need home, auto, renters, boat, RV, life, health, commercial, bond insurance, or annuities, we are the name you can trust. Whether you have the ideal history, preferred companies desire, or a not so perfect history, we find the right coverage, with the best company, at the best rate for you. As an independent insurance agent we can offer the right coverage(s) with the personal touch you would expect from your neighborhood insurance agent. Give us a call today for a free no obligation quote.