Sorry, folks. There’s no magic bullet here. When it comes to insurance premiums, they rarely – if ever – go down. The best strategy falls to preventing them from going up. And in that case, some magic still exists.

Very practical magic, that is.

As with all insurance coverage, the provider is hoping that nothing happens to cause a claim, while the insured is hedging his bet that something will – and that the policy will limit the financial damage and restore the situation to where it was before. The premium to be paid weighs the likelihood of those two perspectives.

But as behaviors and episodes of avoidable risks escalate, that balance begins to skew, and the premium by necessity increases.  

For a business operating a fleet of vehicles, speeding violations, accidents, insufficient maintenance, lack of driver training, and other factors will mean higher premiums or, in a worse-case scenario, an inability to secure insurance coverage at all. The same holds true for any business where easily corrected or anticipatory steps to reduce the odds of injury or property damage have not been pursued.

So, let’s be real here. Premiums are not apt to go down. But they don’t have to go up, either. Maybe it’s not magic at all. Maybe it’s simply asking for an objective eye to assess your particular situation, evaluate the known and unknown risks, and provide a plan to contain your exposure and, in turn, the cost of your insurance.

Contact us today to get more information and guidance on this topic.

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Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.