Commercial Insurance Outlook for Business Owners in 2024
As a business owner, you undoubtedly wish to protect your commercial assets. Our team at Atkinson Casey Agency, located in Monroe, GA, is eager to assist you with your commercial insurance requirements. To envision what 2024 will bring, reviewing the recurring trend of premium price increments witnessed in 2023 is crucial.
Impact of Weather-Related Damages on Payouts
One of the principal influences on policyholder premiums is related to climate anomalies and natural disasters. Bloomberg Insurance reports that 2023 marked the fourth consecutive year of escalated insurance payouts for weather-related property damage, mandating a rise in policy costs. Escalation in building material costs and construction workers’ wages further inflated these costs. Consequently, businesses might face a shortfall in claims payments, leading to increases in out-of-pocket expenses during attempts to replace damaged property.
The Importance of Accurate Property Value Estimation
Such factors might coax businesses into choosing policy amounts lower than their actual future property value, which could backfire. Under the influence of escalated premium rates, a firm might undervalue the future worth of their property, consequently procuring lesser policy value than needed. In these cases, it is best for businesses to consult their insurance agents, who are well-versed in these trends and can assist in generating realistic estimates for coverage.
Schedule a Consultation Today
Business owners in Monroe, GA, should recognize the need for frequent evaluations of their insurance needs in view of these trends. At Atkinson Casey Agency, we’ve been studying patterns like these and are ready to assess your current business status and aid you in contemplating your options. To discuss your commercial insurance needs with our expert team, give us a call today.
