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Property insurance rates expected to increase modestly for businesses

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Smart Business recently reported companies should expect changes in the property market, after a number of insurance providers took on losses due to devastating storms that ravaged through the United States in 2011.

"Companies can expect modest upward rate pressure due to severe global property losses," Rick Miller, managing director at an insurance company, told the website.

Miler told the website that when purchasing a property insurance policy, businesses should take into account a modestly firming property market for natural catastrophes, especially for exposed risks such as windstorms, earthquakes and floods.

According to Miller, the driving factors behind the firming market are the losses insurers took on in the past year. However, one benefit from the storms is that property insurance capacities are at historic highs, meaning businesses will get more bang for their buck.

Due to increased awareness for businesses needing property insurance, selling commercial insurance to businesses was mentioned as a hot job in 2012 by U.S. News & World Report.

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