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Rates flattening for errors and omissions insurance

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Observers believe the errors and omissions insurance market appears to be flattening due to decreasing competition, reported Business Insurance.

Gene Mason, an expert in the insurance industry, told the website that with rates flattening across the board, insurance companies have been able to retain prices on most of their renewals, and increase rates for new customers that the company may take on.

“It seems we're starting to see some logic come back into the market, whereas in the last two, three years there's been no logic whatsoever,” Mike Smith, the principal of a New Jersey-based insurance agency, told the website.

Rate flattening appears to be a trend across the board, but certain industries are more likely affected. Lawyers purchasing errors and omissions insurance should hope for a flat rate when purchasing their policy because rate decreases are a thing of the past, Jim Donovan, a professional liability insurance expert, told the website.

Given that rates appear to have bottomed out and may be ascending, now could be a good time for businesses to investigate adding to their coverage. Making sure that business property is covered is a concern of all companies, a Wisconsin-based insurance provider recently reminded business owners. Errors and omissions insurance, as well as excess liability insurance and commercial vehicle insurance, may be necessary, depending on the nature of the company.

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