Business Insurance Outlook What to Expect in 2023 ...

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Business Insurance Outlook What to Expect in 2023 ...
Business Insurance Outlook What to Expect in 2023 ...

To say 2022 was a turbulent year would be an understatement. From the continuing effects of the pandemic to economic concerns to political and social unrest around the world, it was a year most people are glad to have behind them.

However, while we’ve flipped to a new page on the calendar, there’s no indication that 2023 will be significantly different. Most of the challenges from last year will continue to affect us this year. That includes both our personal and professional lives.

Consequently, if you own or operate a business, you need to be prepared for another rollercoaster ride.

One of the ways to shield your company from the turmoil to some degree is to have adequate small business insurance. There are many types of policies from which you can pick and choose the ones that your company requires. In doing so, you save money by disregarding coverage you don’t need.

For example, if your company doesn’t own or lease vehicles for business uses like deliveries, you probably don’t need a commercial auto insurance policy. Or, if you don’t provide professional advice or services, professional liability coverage probably isn’t something you’ll need.

That being said, every company requires some forms of business insurance, which may have you wondering, “What’s the outlook for small business insurance in 2023?”

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1

An Already-Convenient Purchase Will Be Even More So in 2023

Insurance companies understand that shopping for, buying, and maintaining insurance policies isn’t any business owner’s idea of “fun.” That’s why insurers continue to make these processes easier and more convenient. You can expect that to continue in 2023.

Increasingly, leading companies are enabling customers to get instant, self-service policy quotes online. That means there’s no requirement to interact with a company representative, which many insurance shoppers will appreciate.

Buying insurance online is also very convenient for busy company owners and decision-makers. They can educate themselves about their options whenever they have a break in their schedules—early in the morning, in the evening, etc. In just a few minutes of research, they can determine what they’ll pay for different policies. This includes commonly needed coverages like workers’ compensation, general liability, professional liability (also called errors and omissions or E&O), commercial auto, umbrella, and cyber insurance.

After purchasing coverage from an insurer’s website, policyholders can also report claims and manage their policies online.

2

Companies Can Enjoy Cost Savings in 2023 With the Right Insurer

Word continues to spread among business owners that they can save money on their insurance policies by using the right provider. Some insurers have a direct-to-you business model that cuts out brokers—an approach that can save businesses as much as 20% compared to other insurance companies.

Not only does it feel good to pay less for insurance, but companies can use those savings in many ways, from increasing their marketing efforts to funding research and development.

3

One Reality That Won’t Change in 2023: Small Business Insurance Is Crucial

One incident that’s not covered by insurance (a lawsuit, property damage, etc.) can create a huge financial burden—tens of thousands of dollars or more. Sadly, that type of setback forces many small companies out of business every year.

But you can keep yours from being one of them by purchasing and maintaining the insurance coverage you need to protect your small business!

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