Like most months in the last few years, commercial insurance rates increased. Some more than others, but overall, and on the average, rates rose significantly. As has been the last few years, workers’ compensation is the only line to see a rate decrease.
This report comes courtesy of Ivans Insurance Services who said only commercial auto and umbrella liability slowed in February. Commercial property’s rates rose the most at 8.86%. That’s up from 8.67% in January.
- BOP policies are up 7.18% from January’s 6.87%
- Commercial auto rates rose 5.64% compared to 5.84% in January
- General liability was up 5.37%, barely higher than January’s 5.34%
- Umbrella liability rose 4.98% compared to 5;59% in January
Source link: Business Insurance — http://bit.ly/3yScil0