Marsh report showed US commercial insurance prices spiked in Q3 2020

Commercial Insurance prices - graph

There was an increase of 18 percent, primarily driven by higher property exposure rates. American commercial insurance prices rose by a striking 18 percent in this year’s third quarter, said a recent Marsh LLC report. The driving forces behind this sharp rise was higher rates for property exposures as well as for both financial and professional lines, said its authors. There was a 24 percent increase in US business property rates in the third quarter, said the report. That 24 percent property rate increase represents the largest spike in this…

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Petbusinessinsurance.com the #1 agency for the Pet business industry

We here at Pet Business insurance want to make sure every pet business gets insured with the specialized types of insurance coverage that are available to them. Unlike normal business insurance, pet businesses have extra options such as animal bailee coverage when getting property coverage. Animal bailee coverage protects business owners when a pet in their care gets injured or dies. According to Forbes, this is a great time to start your very own pet care business! Millennial and Generation Z Americans are pet-obsessed, accounting for 62% of pet ownership. …

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What Types of Insurance Does Your Business Need?

business insurance what type do you need

There are types of insurance coverage that your company needs to legally operate in your state or in the U.S. and there are types that are recommended for businesses in your industry. To get the best comprehensive coverage for your company, it is a good idea to work with an agent familiar with your industry and with business insurance as well as research government and industry recommendations. General Business Insurance Most companies will be required to have general liability insurance and commercial property insurance to obtain a business license as…

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Contractors All Risk Insurance

Contractors All Risk Insurance

As a general contractor, you’re responsible for a great deal when it comes to a construction project. From the people working on the site to the ultimate structural soundness of the building, there’s a lot of potential liability. For that reason, it’s important to have insurance coverage that matches those liabilities. In some cases, that will mean having higher coverage than another business in the same earnings bracket. But you have access to insurance policy options designed specifically for contractors in the form of all risk insurance. In this article,…

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How Melbourne Insurance Brokers Are Doing Business In A Pandemic.

Insurance Broker

COVID-19 has slowed down many things, and the insurance sector has certainly not been left behind. Do not think for a moment that your insurance broker will leave you alone during these turbulent times. As long as you choose the best one, you are on the right track because they will walk with you to the very end. However, it is good to point out that this is the new normal and things will barely go back to how they were; therefore, make adjustments where you can. The pandemic has…

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Allstate and Liberty Mutual provide Lyft driver insurance in several states

The insurers are offering coverage to the rideshare company’s drivers in states including California. Lyft driver insurance is now available in a handful of different states through Allstate and Liberty mutual, including in California and Texas. Effective as of the start of this month, Allstate has started selling this commercial auto coverage. October 1 brought Allstate’s Lyft driver insurance to California Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies are issued by an Allstate subsidiary called North Light Specialty Insurance Co and are managed by Allstate Business Insurance. This commercial auto coverage is provided specifically throughout the Lyft trip’s entire cycle. It begins when a driver turns on the app, continues through until they pick up their customer, and runs until the completion of the trip. Allstate automatically protects riders at no additional cost when they are in a Lyft driver’s vehicle. The extent of the coverage varies from one state to the next and from one period of engagement to the next. This may extend to property damage and bodily injury liability, uninsured/underinsured motorist liability, collision, and comprehensive coverage. It is subject to deductibles, policy terms and conditions. Until now, Lyft driver insurance has essentially meant a reliance on a personal auto policy. That coverage is still applicable when the driver is offline or has not turned on the app. Some Allstate customers who drive for transportation network companies (TNC) also add additional ridesharing coverage, for instance the Ride for Hire coverage through Allstate. That protects them above and beyond what their personal auto policy would provide and what TNC commercial coverage protects. Drivers in Arizona, Michigan, New Mexico, Texas and Utah can now purchase their rideshare coverage through Liberty Mutual Insurance. That insurer’s program provides coverage specific to the needs of Lyft drivers within those states from the moment the app turns on to the moment it turns off. Lyft vice president of risk, Curtis Scott, explained that the new Allstate and Liberty Mutual Lyft driver insurance policies are a reflection of the rideshare company’s efforts to widen their coverage partnerships and form an auto carrier panel that will make it possible for the company to make sure there is claims handling specifically for this unique type of operation.

The insurers are offering coverage to the rideshare company’s drivers in states including California. Lyft driver insurance is now available in a handful of different states through Allstate and Liberty mutual, including in California and Texas. Effective as of the start of this month, Allstate has started selling this commercial auto coverage. October 1 brought Allstate’s Lyft driver insurance to California Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies are issued by an Allstate subsidiary called North Light Specialty Insurance Co and are managed by Allstate Business…

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Edison must pay insurers $1.16B for Thomas Fire and Montecito mudslides

Thomas Fire - Money burning

The power company announced the settlement of the lawsuit with insurance companies. Southern California Edison has announced that it has reached a settlement with insurance companies that sued it over the Thomas Fire and Montecito mudslide disasters. The utility will pay $1.16 billion to insurers over the disasters in Ventura and Santa Barbara counties. Edison announced this settlement in a news release in which it explained that the agreement was not an admission of any wrongdoing or liability. “We are making significant progress toward resolving wildfire-related litigation,” stated president and…

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