The commercial insurance market is cyclical in nature, fluctuating between hard and soft markets. These cycles affect the availability, terms, and price of commercial insurance, so it’s helpful to know what to expect in both a hard and soft insurance market.
In addition, other key factors that may influence your insurance rates, including the following:
The coverage you’re seeking
The size of your business
The industry in which you operate
The location of your business
Your claims history
Your risk management practices
It is essential for businesses to take a proactive approach to bolster their risk management efforts and secure adequate coverage during this time. Especially amid an evolving risk environment, businesses should focus on addressing the factors they can control.