The Simmonds Business Insurance Index™ - September

I think I am seeing signs that the commercial insurance market is changing. I know I'm seeing it in the world of bank insurance. Underwriters are asking questions they have not asked in some time. Insurers are declining to quote risks that have a bit of "hair" on them.

There still is plenty of capacity and competition in the commercial insurance marketplace. I am leaving the index unchanged from last month.

     Renewal Premiums: Flat To Slight Increase
     Renewal Coverages: Negotiate
     Buyer's Outlook Long-Term: Prices Increasing

It is still a good time to get competitive quotes on your renewals. Get started early; at least 90 days prior to expiration. If you bid last year or the year before, ask your underwriter for premiums early - tell them you won't bid if they commit 60 days before renewal with aggressive pricing.