Cox Insurance
A Better Way to Be Insured
What does smarter risk management look like today? Cox Insurance business insurance advisor, Derek J. Gruber, CIC, joined the Coalition9 “Power of Nine” podcast for a thoughtful discussion! We love seeing our team share their expertise and passion.
Listen to the episode here:
Cox Insurance has been recognized by the Independent Insurance Agents and Brokers of America (Big “I”) as one of the nation’s top-performing “Best Practices” agencies.
Best Practices award recipients demonstrate exceptional growth, innovation, and operational excellence—setting the benchmark for success across the independent agency system.
We are deeply grateful to our dedicated team and the clients who place their trust in us; this recognition is a direct reflection of your partnership and commitment.
A law going into effect July 1 shortens classes for first-time participants from eight hours to four, matching the same length of refresher courses that drivers seeking to keep their state-mandated 10% discount on their auto insurance premiums must take every three years.
For more information, check out this article “New law shortens defensive driving classes for seniors taking it for the first time” from the StarTribune.
The insurance industry has recently entered a period of “market hardening” which means:
As a result, insurance is more expensive and harder to obtain.
Undoubtedly you’ve experienced a rise in premiums or changes to coverages at your time of renewal. Let us help try to explain what is going on…
The increase in catastrophic weather events has put a huge strain on the insurance market.
U.S. 2023 Billion-Dollar Weather and Climate Disasters
In order to be financially viable, insurance carriers have had to reassess their client portfolios.
For more information on insurance and weather-related events, read the Wall Street Journal article that reports on “huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers.”
Supply-chain disruption, labor shortages, and costlier replacement parts are all contributing to current and future loss pressures.
Increased cost of materials for home and auto repairs along with weather-related catastrophes and other factors have forced the insurance industry to raise rates.
Inflation also plays a factor. Even though the media buzz around inflation has died down, many policyholders are still experiencing rate increases at the time of their renewal. This is partly because the insurance industry lags 12-18 months behind due to the lengthy process to declare, file, and implement rate changes in response to market conditions.
There are a multitude of other factors that are contributing to the perfect storm of insurance vulnerability, including:
Insurance companies are now dealing with client portfolios that are increasingly unprofitable and unsustainable. Market conditions have forced many carriers to take action to preserve their financial ratings.
Some things we’ve seen carriers do:
These changes have resulted in many challenges for the insured.
Every day we are working directly with clients to help them understand what is going on and work together to find the best solutions. With access to an array of carriers, we can advocate to get you the best coverage for the best value.
Regardless of market conditions, we will always be here for you! Please do not hesitate to set up a phone call with us to discuss your specific situation.
Cox Insurance, in partnership with Cyberfin, hosted a Cybersecurity Solutions webinar to educate business owners on the potential exposures due to cyber crimes. Preview the full webinar below.
Highlights from the presentation include:
If you have questions about cybersecurity or cyber liability insurance, contact Derek Gruber – [email protected].
Derek Gruber, Director of Business Insurance at Cox Insurance, joined IT and Security leaders Joe Malmberg and Jordon Darling of Top Dog PC Services to discuss the confusing world of Cyber Insurance. Together, they try to remove some of the mystery surrounding cyber insurance policies and look at how it fits into incident response planning.
Watch the video:
