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US business insurance rates increasing

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The Financial Times reported rates are rising throughout the United States at the fastest rate in approximately four years.

The news source said one of the factors that are driving these increased rates are weather catastrophes, according to information provided by RMS. While businesses may not be excited to hear that rates are rising, the number of weather-related catastrophes in 2011, which led to claims upwards of $70 billion, should spur many companies to procure necessary policies.

Duncan Ellis, an insurance professional, also told the news source many businesses across the United States may not feel a pinch from the recent increases in rates due to the fact they follow three years of declining rates between 2008 and 2011.

Another rising cost that many businesses across the nation will have to deal with is the price of gas, reported the Huffington Post.

Small businesses will be especially affected by the the rising gas prices, potentially wiping out profits for some cash-strapped businesses that rely heavily on traveling by car or truck throughout the country, said the news source. Business insurance is also essential for these businesses facing pressure at the pump, as costly litigation or weather-related losses could be devastating to their precarious finances.

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