Are You Prepared to Face the Predicted Hardening Insurance Market?

Hardening Insurance Market Conditions are Expected to Continue in 2021.

How will you differentiate your business?

How will you protect your budget?

All industries experience cycles, including insurance. Typically, the insurance market rotates between a hard and soft market, characterized by the following:

Hard Market Conditions:

• decreased or restricted coverage
• lower insurance limits
• stricter underwriting standards
• higher rates because of decreased insurer competition

Soft Market Conditions:

• lower rates because of increased insurer competition
• broader coverage
• higher insurance limits
• relaxed underwriting standards

How are you prepared to manage this shift to a hard market while maintaining a commercial insurance program that meets your needs?

A successful commercial insurance program, regardless of market condition, is comprised of many factors. One key factor is differentiating risk. Risk management involves taking steps to minimize the likelihood of things going wrong.

An experienced advisor is critical in helping manage and define your risk. In a hard market, this is especially important since there is less competition between insurers, underwriting guidelines are more strict, and additional coverage/policy restrictions are automatic.

In a hard market, higher premiums can be expected. You need an advisor who will work for you by:

• presenting the best version of your business to motivate insurers to offer you their best rate
• keeping you informed so you can make the best buying decisions for your employees and your business
• representing your interests by distinguishing insurers across coverages provided, financial strength, and quality of service
• building a close relationship with you to have a complete understanding of your business operation and goals

Clients of Koppinger & Associates have come to expect our complete and personalized advisement. We accomplish this in a variety of ways, such as:

• devoting the necessary time to properly evaluate needs
• providing an organized, comprehensive insurance program review well in advance of policy renewal
• helping budget and set goals
• working closely together to define hazards and risks
• helping understand loss history and implementing steps to mitigate future losses
• arranging and organizing loss control resources and safety services at no additional cost
• assistance in creating and monitoring safety programs
• nurturing carrier relationships, which carrier will be your backup? Having a plan and establishing a 1st, 2nd, and 3rd choice
• negotiating with underwriters to get the best premium and coverage

You deserve an advisor that will help you navigate the hard insurance market while keeping focused on your goals and objectives.

Give us a call, we can help!