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Kapnick Insurance Group

Rising Commercial Insurance Rates: Strategies to Manage Costs

By Business Insurance, From the Experts, Insurance Update
According to Ivan's Index for the third quarter, rising commercial insurance rates were observed across all primary business lines, except for workers' compensation. Key trends include: Commercial Auto: ⇑ 7% (6.5% in Q3 2022) Business Owner’s Policy: ⇑ 7.74% (7.56% in Q3 2022) General Liability: ⇑ 5.43% (5.21% in Q3 2022) Commercial Property: ⇑ 10.08% (9.77% in Q3 2022) Umbrella: ⇑ 5.29% (5.12% in Q3 2022) Workers' compensation was the only line to see a decrease, with rates dropping by roughly 1%. Decoding the Drivers Behind Rates Several factors contribute to rising commercial insurance rates: Economic Factors: Inflation and economic growth increase exposures, driving up premiums.…
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Securing the Future: How Insurance and Employee Benefits Can Propel Non-Profits Forward

By Employee Benefits
In the ever-evolving landscape of non-profit organizations, financial uncertainty and safeguarding the health of the organization are paramount. Unforeseen circumstances can strike at any moment, negatively impacting financial resources, tarnishing reputations, and complicating fundraising and recruitment efforts. With non-profit risk management solutions, your organization can address these challenges and prepare for future trends.
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The Power Trio: Gap, Premium, and Exposure Analysis in the Manufacturing Industry

By Business Insurance, From the Experts
Today, let’s explore Risk Management for Manufacturers and the critical role of gap, premium, and exposure analysis. This power trio can significantly impact a manufacturer’s financial security and operational stability. Imagine running a marathon without knowing the course. That’s the risk manufacturers face without conducting a gap analysis. This process identifies gaps between current insurance coverage and potential risks. For manufacturers, these blind spots could include product liability or supply chain disruptions, making gap analysis an essential tool in Risk Management for Manufacturers. Premium Analysis: Finding Value in Risk Management for Manufacturers Premium analysis acts as your compass in the vast sea of…
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