Business insurance - what next and where is it heading?
Earlier this month Peter Benson, Director at L&P Benson Ltd, was in the spotlight and took us through where he thinks business insurance is heading, and It’s not news that businesses will want to hear, particularly in these difficult times. But insurance premiums for businesses are likely to increase over the next few months, certainly more than they have done in recent years.
Peter was referring to insurance of property, and liabilities, “general” insurance. Premiums have for many years been relatively stable with insurers often being willing to be flexible with the cost and offer a broad scope of cover. Low-interest rates for a long time now have squeezed insurers’ financial performance so this is certainly one reason why there is now a greater focus on trying to make an underwriting profit.
Insurers, quite rightly, will still put a great emphasis on how a business is run, for example, is Health and Safety really considered a top priority at a business? If it is and a tight ship is run, and the claims record backs this up, then clearly these businesses will be treated more favourably. However, there will be sectors where insurers have not done well, and where rate increases, and maybe limitations in cover, could be commonplace.
Peter and the team are always happy to have an open conversation with businesses that have issues, either with cost, cover or service.
If you would like more information on L&P Benson Ltd or help with your business insurance, contact Peter on 01509 686204 or firstname.lastname@example.org.
Peter Benson (L&P Benson Ltd)