Why Is Insurance For My Business In Canada Going Up?
Many business owners, controllers and CFO’s are asking the question why is insurance for my business in Canada going up? Insurance pricing is very complex and there are many factors that need to be considered when responding to the question why is insurance for my business in Canada going up as there can be many reasons. ALIGNED Insurance specializes in commercial and business insurance and prepares posts like this to help educate and inform others on commercial insurance and risk management matters.
Reasons You May Be Asking Why Is Insurance For My Business In Canada Going Up?
There are many reasons why business insurance costs increase and below is a list of some of the most common:
- Increase in sales
- Increase in employees
- Increased property insured ex. new equipment, new building, more inventory, more raw materials
- Higher business interruption values
- Organization’s claims history
- Claims trends in your industry
- Claims trends in your geography
- Your insurers overall claims results and financial performance
- Insurer profitability
- Change in insurer strategy
- Change in vehicles, drivers, location vehicles are operating in
- Change in sales distribution between Canada, US & Rest of the world
- Changes to your leadership team
- Changes to your operations, strategy, policies and/or procedures
As you can see there could be one or many reasons to explain why is insurance for your business in Canada is going up which is why it’s so important to work with an insurance brokerage like ALIGNED Insurance that specializes in business insurance. Our team of experience insurance brokers help you understand the specific factors impacting the cost of your business insurance and collaboratively and transparently develop a plan/strategy to ensure you get the best insurance at the lowest possible cost.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves nearly 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours. Uniquely within the industry, ALIGNED business insurance brokers create, negotiate and deliver the best business insurance and risk management strategies/solutions to organizations like yours. As one of Canada’s fastest growing insurance brokerages, we invite you to learn more about us and connect @ALIGNEDonRisk, on Facebook or LinkedIn.|