Episode 4: Why Commercial Insurance Premiums are Going Up?
Insurance premiums for businesses & commercial properties keep rising, Rick Callaway’s insights on why & how to be insured without over paying
In this episode Richard Callaway, Maurice Washington discuss:
- 25%, 30%, 40% Premium Increases in Commercial Insurance
- The insurance marketplace is shrinking, carriers are moving away from particular areas of the country & particular types of business.
- Climate change is creating lots of risks
- We’re seeing construction costs increasing in building material prices
- Construction cost is forecasted to be increasing due to labor costs and supply chains
- AI can be a bane to insurance industry and the insured
- Inflation and a bear stock market increase costs of insurance
- Ransomware, cyber attacks create stacking effects that drive up the cost of doing business, especially for small businesses
To read the transcript
To watch the video
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To read the transcript of this episode as a blog post (Click Here)
