Property insurance rates have steadily increased due to rising claim costs, inflation, economic conditions, and increased severe weather patterns, with 2024 finally seeing the first single-digit rate increase following years of double-digit hikes. However, many businesses continue to face challenges in securing affordable coverage. To navigate this tough market, companies can implement loss control measures, be thorough with submission information, and demonstrate a proactive response to claims and engineering recommendations in order to attract insurers. Additionally, exploring alternative insurance options, such as self-insurance through higher deductibles, can help manage risks and reduce premiums.

Read the full interview with Michael Curtis, Complex Property Practice Leader, PC, to learn more!