| Commercial
Insurance Rates Dropping As Fierce Competition Heats Up!
By Thomas M Kallman
Is this situation paying off for your business? Like interest rates
and commodities prices, insurance rates are subject to upward and
downward swings from the pressures of economic factors. Right now,
the commercial property and liability insurance rates are at a pre
"Hurricane Andrew" low. Since these swings are unpredictable
and can reverse themselves without warning, now is the time for
businesses to take advantage of the current window of cost saving
opportunity, even if it means looking at insurance packages well
before they would normally expire.
The current trend is for commercial property of at least average
construction to be offered very broad coverage including systems
breakdown for equipment, wind, hail and theft included, lower deductibles,
interruption of power & water supply, longer coverage for time
element like business interruption and loss of rents, increased
cost of construction due to compliance with building ordinances
or laws. If you had a loss at your business, would your current
carrier cover the income you lost even if it took longer than a
year to rebuild? What if a storm caused damage to power lines two
blocks away and shut you down until they were repaired. Restaurants
can even get coverage for food spoilage and food poisoning.
This window could close at any time. Smart businesses are locking
in the reduced rates now, and often taking advantage of extra coverages
without any additional cost. Discuss this with your insurance agent
now.
Thomas Kallman is President of TMK Risk Management Inc dba Kallman
Insurance Agency at PO Box 266736, Weston, Florida 33326. Phone
954-389-5897. Visit the website at http://www.tmkrisk.com. Your questions
are always welcome.
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