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Commercial Insurance Rates Dropping As Fierce Competition Heats Up!

By Thomas M Kallman

Is this situation paying off for your business? Like interest rates and commodities prices, insurance rates are subject to upward and downward swings from the pressures of economic factors. Right now, the commercial property and liability insurance rates are at a pre “Hurricane Andrew” low. Since these swings are unpredictable and can reverse themselves without warning, now is the time for businesses to take advantage of the current window of cost saving opportunity, even if it means looking at insurance packages well before they would normally expire.

The current trend is for commercial property of at least average construction to be offered very broad coverage including systems breakdown for equipment, wind, hail and theft included, lower deductibles, interruption of power & water supply, longer coverage for time element like business interruption and loss of rents, increased cost of construction due to compliance with building ordinances or laws. If you had a loss at your business, would your current carrier cover the income you lost even if it took longer than a year to rebuild? What if a storm caused damage to power lines two blocks away and shut you down until they were repaired. Restaurants can even get coverage for food spoilage and food poisoning.

This window could close at any time. Smart businesses are locking in the reduced rates now, and often taking advantage of extra coverages without any additional cost. Discuss this with your insurance agent now.

Thomas Kallman is President of TMK Risk Management Inc dba Kallman Insurance Agency at PO Box 266736, Weston, Florida 33326. Phone 954-389-5897. Visit the website at Your questions are always welcome.

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