Traditional insurance leaves business owners vulnerable against non-damage business disruption caused by the weather. Parametric insurance, like Vortex Weather Insurance, can help fill those gaps.
Proactive conversations with clients about catastrophe risks can surface potential coverage gaps and open the door to more forward-looking planning.
“Most insurance companies consider general liability the cornerstone line of business for an account,” says independent agent Brad Berrong. “Normally, if a company does not consider this type of exposure, it will not accept other lines of insurance for that account.”
As breweries and wineries go green, agents need to translate sustainability initiatives into clear underwriting conversations and protection strategies.
“The real estate insurance market is going through significant changes,” says independent agent Stephen Turnbull. “Rising construction costs and inflation have made it more expensive to rebuild properties, leading to higher replacement cost values and increased premiums.”
As insurers increase their underwriting restrictions to limit storm exposures, risk mitigation is becoming more important than ever for commercial insureds.
The guidelines for the federally funded program include maintaining properties in compliance with local housing codes, passing periodic inspections by housing authorities and following strict eviction and lease termination procedures.
With factors such as an aging workforce and economic fluctuations pushing material and wage costs higher, agents can help their clients purchase adequate builders risk coverage.
“Although we may be coming out of one of the most difficult periods in insurance history, some areas might still see increasing premiums for another 12-18 months,” says independent agent Guffy Wright. “Factors like claim volume, social inflation, weather patterns and fraud will continue to play major roles.”
