Business insurance is up between 8% and 11% this year. And you renewed without asking for quotes?
What comes after this information is going to bother you.
At ERA Group we have audited this category in dozens of companies in Central America and the pattern is always the same: the policy is automatically renewed, no one questions the increase, and the broker sends the invoice.The data confirms this:
- Health premiums for medium-sized companies: +11% average
- Commercial Insurance (Property, Liability, Vehicles): +7.5%
- 1 in 10 companies saw increases of more than 20%
And the problem is not only that they are rising. It's just that no one negotiates. Insurance is probably the category of expense that rises the most and is least questioned in your company.
The solution starts with something simple: stop renewing automatically.
- Compare your current premium against at least 3 market quotes
- Review coverages — many policies include things your operation no longer needs
- Document your claims history - insurers reward low risk with better rates
In the companies we have accompanied, those who negotiate insurance with market data save between 10% and 25% without reducing coverage.
When was the last time you questioned your policy before signing the renewal? Write to us. ERA Group negotiates insurance with data, not inertia.
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