Call us at 952-445-5767

Text us at 612-814-8960
 

Start Your 2016 Commercial Insurance Planning Today

January 12, 2016


We live in world that is changing by the moment. These changes create risk trends that will impact your business. As you start your planning for 2016, we thought you might want to consider these. 2016 will provide a perfect storm due to a number of factors including; U.S. elections, the cost of healthcare, changes in employment laws, political unrest throughout the world, and continued tightening of federal laws relating to business operations. 

 

It will be important to evaluate your commercial insurance program to make sure these and other items are managed properly. Nearly 90% of the executives polled said that they plan to increase their investment in risk management in the next two years, and more than one in four (26%) said they would up their spending by more than 20% in that time. Source: PC360


1. Commercial pricing- there may be a softening on the commercial market in 2016. This will allow businesses to consider other coverage such as flood, EPLI or pollution liability.

 

2. Increased reliance on technology will lead to better run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policy holders, and operations.

 

3. Every business will need to consider cyber insurance. Most businesses have a greater risk of a cyber-attacks than n they do of having a fire. Cyber security was big news last year. Hardly a week went by without a report of a data breach in some industry. In fact, the Identity Theft Resource Center reported a record high of 1,233 data breaches in 2014, which is a 30 percent increase from 2013’s numbers.

 

4. With changes in healthcare, many experts are predicting a shift in workers’ compensation coverage to help off-set increases in healthcare. Medical costs may shift away from health insurance and into workers’ Compensation.

 


Innovative Insurance Services LLC provides insurance to businesses in Shakopee, Savage, Prior Lake, Bloomington, Eden Prairie, Burnsville, and surrounding areas. At Innovative Insurance Services LLC, we’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered from top to bottom.

*Main Office - Shakopee

8001 Old Carriage Ct N, Ste B

Shakopee, MN 55379

Main office: 952-445-5767
Fax: 952-445-2182

Office Hours:

Mon: 8:00 AM - 5:00 PM
Tues: 8:00 AM - 5:00 PM
Wed: 8:00 AM - 5:00 PM
Thurs: 8:00 AM - 5:00 PM
Fri: 8:00 AM - 5:00 PM
Sat: 9:00 AM - 12:00 PM
Sun: After Hours by Appt.

Litchfield Office

201 S Sibley Ave

Litchfield, MN 55355

Main office: 952-445-5767
Fax: 952-445-2182

Office Hours:

Mon: 8:30 AM - 5:00 PM
Tues: 8:30 AM - 5:00 PM
Wed: 8:30 AM - 5:00 PM
Thurs: 8:30 AM - 5:00 PM
Fri: 8:30 AM - 5:00 PM
Sat: Closed
Sun: Closed

Our Providers

Testimonials

Accommodating, professional, helpful, and quick. Very comfortable experience and I was impressed by their capabilities. Highly recommended.
Brad M.
I feel lucky to have found an agent willing to provide this level of service. No need to look anywhere else!
Michelle D.
Over the years we’ve never once had to worry about our coverage. My husband and I are long-time customers and proud to be.
Carol S.
Surprisingly flexible and in-touch with my needs as a small business owner. Can’t ask for more.
Spencer F.
They have strong ties with the community, and it shows. It’s nice to do business with people that really show they care about you and your family.
Susan T.