2010 is going to be the year of increased premiums for business insurance. This is the rhetoric we are hearing from the underwriters and is the same story we have had for the past three years. However, this year we are starting to see some real movement on prices.
Companies are slowly starting to increase their prices, not only for existing policy holder, but for new enquiries. Traditionally, it used to be that a new customer in financial services would always get the best deal and best discounts. Nowadays though, things are slowly changing.
As ever, the big companies like to emulate oil tankers turning. It takes them a long, long time to change. As far as getting a competitive fish and chip shop insurance quote is concerned we are seeing a double whammy on the price front.
Some insurers that have always fought for this business are now increasing their rates and their minimum premiums. So, a takeaway that had an annual premium of £750, will now be faced with a renewal in excess of £1,000.
The skill, for us as business insurance brokers, is to seek out the more competitive alternatives. The good news is that, for every insurance company increasing their prices, there is usually one that is not doing this. Joe or Joanna Public looking for a quote may be faced with a “needle in a haystack” scenario. To save you the grief and the trouble, speak to an independent broker to do the searching for you.