Rising Insurance Rates: Impact on Businesses (Part 3 of 3)

In an environment of rising costs, business owners face significant pressures as insurance companies become increasingly selective. A conservative approach by insurers can make finding affordable and comprehensive insurance coverage challenging for many business owners.

Factors driving rising insurance rates for businesses include:

• Type of Business:
  • The nature of your business significantly influences insurance costs. For instance, a construction company faces higher risks of property damage and injuries compared to a consulting firm.
• Business Size:
  • The scale and size of operations impact insurance premiums, generally correlating with larger businesses facing higher costs.
• Location:
  • A business's geographic location is a crucial determinant of insurance expenses. Businesses in disaster-prone areas, like hurricane or earthquake zones, typically face elevated insurance costs.
• Industry Regulations:
  • Specific industries mandate insurance coverage to comply with regulations. For instance, healthcare businesses often require malpractice insurance, while trucking companies need commercial auto insurance.

Insurance rates fluctuate over time, even without policy adjustments. Like so many other aspects of business, being proactive is essential.

How First Mid Insurance Group Can Help

First Mid Insurance Group are experts in navigating the complexities of the insurance market. We are dedicated to serving you. Let us assist you with:

• Reviewing your current policies to ensure they meet your needs
• Advising whether switching carriers could save you money
• Suggesting adjustments to your deductibles, insurance coverages, or premiums to optimize your coverage and costs
• Bundling your policies to help save on costs
• Implementing risk management plans

As an insurance broker, we work with many insurance companies. We can provide all the coverage you need to protect your business.

Need help navigating the ever-changing insurance market? Contact us today and let us find you the best insurance solutions for these challenging times. We're here to support your business every step of the way.

Insurance products offered through First Mid Insurance Group. First Mid Insurance Group, Inc. is a wholly-owned subsidiary of First Mid Bancshares, Inc. and an affiliate of First Mid Bank & Trust, N.A.