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Brick commercial office building by Binyamin Mellish Expanding your business to a new location is an exciting step toward growth, but it also introduces new risks. From property protection to liability coverage, ensuring your businessinsurance policies align with your expansion is critical.
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Improvements in commercial property, commercial multi-peril, and workers compensation were offset by continued deterioration in commercial auto and general liability. Commercial auto expectations are worsening and continue to remain unprofitable through at least 2026,” he said.
While market capacity for property, commercial general liability, product liability and workers’ compensation coverage has expanded – these policies remain more expensive than the same coverage purchased by similar companies in other industries.
“Social inflation” refers to the impact of litigation costs on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. Kurtz said the workers’ compensation line’s multi-year run of underwriting profits is expected to continue, although margins are likely to shrink further through 2024.
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