Is the economy helping to raise you business insurance rates?

May 6, 2019

We have received a number of calls from members asking why they are being quoted such high rates when their business insurance renews?

The answer is partially due to the good economy we have been experiencing.  With an aging population and a low unemployment rate, businesses are finding it more than difficult to hire quality employees, especially truck drivers.

Many people say they have used the mirror test to hire someone.  They hold a mirror under their nose and if it fogs up, they hire the driver.

The result has been a HUGE increase in the number of commercial auto accidents.  Often the driver is on their cell phone, or is a distracted driver that causes an accident.  The bottom line is that all insurance carriers have "taken a bath" and incurred large losses that highly exceed all income or projections for the year.  The result is that many companies are experiencing up to a 400% increase in prices quoted (if they receive a quote at all.)  

If your company is fortunate enough to receive a quote, the increase must be charged against  your bottom line.  With the economy leaving a lot to be desired, it will make it even harder for a well run company to make a profit in 2019.  

We urge everyone to please pay attention to who you hire and how they operate your vehicles.  Remember, if everyone does their job, we can help companies increase their bottom line.

Since 1929 the WPMA has focused on helping our members remain competitive and profitable in the global economy.  

For more information on how we can help you and your business we urge you to contact Philip Bibeau, Executive Director at 978/874-5445.

Comments

There are currently no comments

Submit a Comment

Please be sure to fill in all information. Comments are moderated. Please no link dropping, domains as names; do not spam and do not advertise.

*