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Insurance expert discusses 2012 trends

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The insurance markets are changing every year, with 2011 turning out to be one of the most expensive years on record for insurance companies, with insured losses expected to exceed $90 billion, reported Smart Business.

Discussing what businesses should expect to see in 2012, Bill Schaake, an insurance sales specialist, shared some of his insight with Smart Business.

According to Schaake, workers' compensation is expected to be one of the policies for which rates are expected to increase in 2012, because businesses are needing to do more with less, which has the potential to impact employee well-being.

"Generally, underwriters are becoming more cautious and re-evaluating their books of business, both in terms of rates, as well as terms and conditions," Schaake told the website.

More businesses are also adding excess liability and umbrella insurance that will add an extra layer of protection for the small business, said Schaake.

Businesses evaluating their insurance needs for 2012 might be interested in an upcoming free webinar hosted by the Small Business Administration and Agility Recovery Solutions, which will demonstrate the importance of small business insurance, especially after the disasters that the country experienced in 2011.

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