2021 & 2022 Insurance Rates, What To Expect

2021 has been a challenging year amid a pandemic, economic recovery, and catastrophic losses. We have started to see rates increases already, but what is in store for the remainder of 2021 and 2022? Property insurance rates have been up an average of 5-15% depending on the area. Professional lines such as directors & officers liability (D&O), employment practices liability (EPL), and cyber liability have been on the rise even more. IVANS Insurance Solutions works with thousands of independent insurance agencies and has complied the numbers in this concise report. https://interact.ivansinsurance.com/ivans-index-quarterly-report-insurers/p/1?utm_campaign=NA&utm_medium=Web&utm_source=Web-Hero&utm_content=Interactive-Content

If you are a small to midsized business owner it would do you well to prepare for the upcoming insurance rate increases and budget accordingly. The good news is that workers’ compensation insurance rates continue to drop, but with inflation and payrolls on the rise, the dollar costs have been going up for most businesses. Inflation can be a double-edged sword as businesses will see the cost of goods and labor rise, but will likely see a commensurate rise in sales. Insurance rate increases are par for the course we are on, just know and prepare in advance. If you have any questions about insurance rates or otherwise, please contact us.