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Here Is What To Watch For In 2015

2015 is here and even though your Pennsylvania or New Jersey business insurance may not renew for a number of months, now is the time to start your insurance and risk management planning. For commercial insurance buyers, market conditions will generally be favorable. Here are a few of the hot trends for 2015.

Commercial Insurance Pricing

Commercial insurance rates will likely decline for most industries. Remember that your premiums are based on sales, payroll, and property values; therefore your final premiums will reflect all these factors.

Coverage Trends For Commercial Insurance

Cyber liability continues to be a hot topic, especially after all the data breaches in 2014. Most small businesses have a greater chance of having a cyber-loss than they do a fire. Also getting a lot of press is employment liability. Small businesses are exposed to increased litigation from employees. Finally, environmental liability claims have increased 30% over the past number of years. 

Weather Claims

If Mother Nature decides that 2015 is going to be a tough year, expect rates to increase rather quickly. However, if we have a mild year, rates may stay low.

Workers Compensation

Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.

Posted 12:49 PM  View Comments

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