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Business Insurance is one of the biggest and most painful expenses for business owners. Unfortunetally, it appears as though business insurance costs are on the rise. Many business owners have seen their business insurance rates increase by 10, 20, and in some cases over 30% in the last 12 months. In addition to business insurance rates increasing, the insurance companies who write business insurance seem to be tightening up their insurance underwriting guidelines. Insurance companies are taking closer looks at prospective clients and also current clients accounts. The insurance companies evaluate many factors when pricing a risk, including the insureds claims history, type and scale of business operation, loss control practices in place, and the condition of the premises in which the business is operated.
Business owers can keep a close eye on their business insurance by reviewing renewal documents that arrive and comparing those insuracne renewals to their last years insurance policy costs. Business owners can also make themselves more appealing to the insurance company underwriters by having a good claims history, keeping their operations in top condition, and by having strict and thourough loss control programs in place.
As business insurance rates continue to rise, business owners can work with their insurance agents to review policies any take action to control costs.
Our office writes business insurance in Santa Barbara, and we also write business insurance in California and several other States. If you need a free business insurance review, or a quote for your business insurance policies please do not hesitate to contact our office. For a business insurance quote, contact: