Many of my manufacturing clients are interested in learning more about how their annual insurance premiums are determined and why their rates can vary significantly from year-to-year.
A number of factors impact your company’s rate. The two most significant factors considered by the insurance carrier’s underwriter include your historical loss experience and the inherent exposures associated with the nature of your daily operation.
Although it is hard to change the past or drastically overhaul your business, the good news is that there are a number of best practices you can implement today to mitigate your future exposures and minimize your losses. Below, I provide some practical steps you can implement to help manage the costs of your core business insurance policies. Continue Reading