Professional liability rate increases in a hardening market is one thing. In softer market conditions, it's a different ballgame altogether. Photo: lovelyday12/Adobe Stock
No one likes seeing insurance premiums jump, especially for a business necessity like professional liability coverage. Yet, we all know rate hikes are a reality in a hardening market, even if they're tough to swallow or sell to clients. That doesn't mean you should accept them blindly. It does mean you should look closer and think about what a carrier's approach to rate says about their business. (Hint: If a carrier is not raising rates right now, it's a red flag.)
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