For Subscribers

Ups & Downs

Get your insurance rates on the same track as the economy.

By Jacquelyn Lynn

Opinions expressed by Entrepreneur contributors are their own.

It's a double-whammy: As you struggle with the economicslowdown, insurance rates are climbing. "We predict commercialrates will go up between 10 and 30 percent [this year]," saysCarolyn Gorman, vice president of the Insurance InformationInstitute. Now's a good time to review your coverage and employstrategies to get the best rates. Gorman offers the followingtips:

  • If you own your building and have replacement cost coverage,consider changing to actual cash value. If the building isrelatively new, you could save on premiums without significantlyimpacting claim payout.
  • If you've reduced the inventory you carry, consideradjusting the limits on your property policy.
  • If you have a standard business owners' policy or a packagepolicy, review extras you may have bought years ago but no longerneed.
  • Business interruption policies are typically rated based onrevenues and expenses. If those figures have changed, you may beable to reduce your premiums.
  • Carefully consider all your specialty coverages. You may findthe benefit of increased cash flow outweighs certain risks duringtough times. Your survival is important to your insuranceagent.

Gorman recommends talking candidly with your agent to come upwith a plan you can afford and that will still protect youroperation.

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist. Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field Know This Communication Strategy
After Early Rejection From Publishers, This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings? Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and Says This Is the Big Blank Space in the Naming Game
Green Entrepreneur

A Massive Hole In the Sun May Cause Dazzling Light Show Here On Earth

NASA says the coronal hole could blast the Earth with solar winds as early as Friday. What does this mean?

Business News

The 'Airbnbust' Proves the Wild West Days of Online Vacation Rentals Are Over

Airbnb recently reported that 2022 was its first profitable year ever. But the deluge of new listings foreshadowed an inevitable correction.

Business News

These Are the Most and Least Affordable Places to Retire in The U.S.

The Northeast and West Coast are the least affordable, while areas in the Mountain State region tend to be ideal for retirees on a budget.


How to Detect a Liar in Seconds Using Nonverbal Communication

There are many ways to understand if someone is not honest with you. The following signs do not even require words and are all nonverbal queues.

Thought Leaders

The Collapse of Credit Suisse: A Cautionary Tale of Resistance to Hybrid Work

This cautionary tale serves as a reminder for business leaders to adapt to the changing world of work and prioritize their workforce's needs and preferences.