Facing soaring insurance premiums and higher deductibles? Warren Cleveland from Renu Insurance Group explains the impact of increasing deductibles on your premiums and whether it’s truly beneficial for your business. This video addresses the frustrations many business owners face with insurance costs and offers insights into how you can gain better control over your insurance expenses.
Chapter Breakdown:
0:00 - Introduction to Insurance Premiums and Deductibles
0:37 - The Real Cost of Higher Deductibles
1:07 - How Insurance Companies Calculate Risk and Premiums
2:05 - Market Conditions Affecting Your Premiums
3:16 - Specific Industry Challenges and Rate Increases
4:14 - Exploring Alternatives like Captive Insurance
Key Points Covered:
* Understanding the relationship between deductibles and premium rates.
* How insurance companies use the law of large numbers to manage risks.
* The effect of market conditions and class of business on your insurance rates.
* Options beyond traditional insurance, like self-insuring and captives.
Why Watch This Video?
If you're tired of unexpected premium hikes and considering higher deductibles as a cost-saving measure, this video will help you understand the broader implications and explore viable alternatives to traditional insurance models.
Further Learning:
Check out our detailed discussion on alternatives to traditional insurance markets if you feel boxed in by current options.
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