Monthly Archives: March 2015

The Future of Business Insurance

Business Insurance

Business Insurance

Recent economic and social trends have many insurance analysts speculating about what the remainder of 2013 and the years ahead may hold for the insurance industry. Indeed, it is said that the insurance landscape has already significantly changed and will continue to do so into the foreseeable future. What can be seen here are a few interesting trends. For example, certain policies such as commercial office insurance are much easier to find than ever before while the premiums of other types of specialised policies may actually be decreasing. Examples of some of these more “tailor-made” platforms can include:

• cleaning insurance
• photographer insurance
• architects insurance
• retail insurance
• surgery insurance

Why, then is this industry facing such profound changes?

One of the major factors affecting premium prices is the current state of the economy. Larger regions such as the United States and the European Union. Therefore, the underwriting for many of the more common policies such as fleet car insurance, commercial office insurance and motor trade insurance may actually increase. This movement can be counteracted by shopping around, and therefore the business may actualy save money as opposed to paying more.

Additionally, there are more customised policies now than ever before due to the increased specialisation of many industries. Thus, companies can now encounter such coverage as office contents insurance, shop insurance or motor fleet insurance. The benefit here is that the businessman now has the ability to compare and contrast between different policies in hopes of finding the best rate possible.

Another factor that is important to mention is the the number of businesses that purchase policies is decreasing. This is due to both economic conditions as well as the simple fact that many businesses may be unaware of what policy best suits their needs. For example, the owner of a large delivery company may be unaware that motor fleet insurance is an option or that cheap shop insurance quotes can be found online. However, as more businesses become tech-savvy, it is predicted that these policies will achieve greater exposure.

Another important trend is that an increasing number of individuals are now working from home. As homeowners insurance may not cover such operations, it is now advised to look into obtaining an office insurance quote to help protect against any unforeseen circumstances that may arise from a home-based business. Nonetheless, as we have seen, the birth of businesses from home directly correlates with increased access to the internet. This is perhaps the greatest change that the insurance industry has seen.

The internet now provides the public with a very efficient way to search for and obtain policy quotes. There are numerous types of policies that can be found a the click of a button and will include some of the aforementioned sectors as well as some of the more geenralised areas common in numerous industries. Some examples can be:

• Fleet insurance
• Photographers insurance
• Cleaning insurance
• Architects insurance
• Office insurance
• Shop insurance
• Surgery insurance
• Motor trade insurance

The principle here is quite simple; the more policies and providers that are available, the better the chances of receiving a cost-effective quote. This may seem to go against the notion of supply and demand, but the simple fact is that insurance companies have also been stricken by the economic downturn and need to increase their revenue into the future by making their services more attractive.

Thus, with this changing landscape comes the necessity for businesses to adapt and take advantage of the numerous methods to cut the cost of premiums while retaining adequate levels of coverage. Whether one is looking for the best price for commercial office insurance or hoping to find a fleet van insurance policy, finding the most relevant provider can be quick and easy.

Helpful Article:

http://www.sba.gov/content/business-insurance