Industry News
New Auto Insurance Minimums Could Expose Coverage Gaps for HVAC and Plumbing Contractors
Author, Matt Gorham, Account executive, Rancho Mesa Insurance Services, Inc.
The State of California has raised its minimum auto insurance limits effective January 1st of this year, and it could be problematic for some HVAC and Plumbing contractors. Although the intention of the limits increase was to expand coverage for victims of accidents, there is concern that it will marginalize many drivers.
Controlling Auto Insurance Costs for Plumbers and HVAC Contractors
Author, Matt Gorham, Account executive, Rancho Mesa Insurance Services, Inc.
Like most businesses, vehicles are an essential part of a plumbing or HVAC contractor’s operations. Whether the focus of their business is service and repair, tenant improvements, installation, or new construction, company leaders depend on trucks, vans, and cars to get their people, equipment, and materials safely to the jobsite.
Optimizing Landscapers’ Commercial Auto Insurance
Author, Drew Garcia, Vice President of the Landscape Group, Rancho Mesa Insurance Services, Inc.
Lawn and landscape professionals across the country have seen the direct impact of a very difficult and challenging commercial auto market. In particular, green industry businesses who specialize in service and maintenance, which require a larger fleet, have felt more of the direct market pressure.
Signs of a Continued Hard Property Market in 2023
Author, Jeremy Hoolihan, Account Executive, Rancho Mesa Insurance Services, Inc.
The property insurance marketplace continues to be a challenging segment in 2023. With catastrophic events that have occurred over the last several years such as hurricanes, floods, wild fires, and major storms, the property marketplace has taken a huge hit that will take many years to recover. As a result, we expect property pricing to continue increasing for the foreseeable future. There are several real-world examples of the property market hardening.
The Importance of a Job Hazard Analysis in the Janitorial Industry
Author, Jeremy Hoolihan, Account Executive, Rancho Mesa Insurance Services, Inc.
The janitorial industry faces job hazards on a daily basis. The key to running a successful and safe business is identifying hazards within the workplace well before injuries or liabilities can occur. One way to keep track and address hazards in the workplace is by creating a Job Hazard Analysis (JHA). A JHA can be used to identify individual exposures to each specific jobsite and create a plan or solution to minimize these risks.
Auto Insurance Carriers Struggle With Effects of Inflation
Author, Jeremy Hoolihan, Account Executive, Rancho Mesa Insurance Services, Inc.
Inflation continues to plague our nation with no end in sight. With a consumer price index (CPI) reaching as high as 9.1% in July of 2022, the trickledown effect is far reaching. In the second quarter of 2022, the auto insurance marketplace saw a loss ratio of 78.4%. This is quite a spike compared to the average loss ratio of 65% between the years of 2016-2020. Inflation is not the only contributing factor to the challenges within the auto insurance marketplace; we’ll discuss medical inflation, supply chain shortages, and labor shortages.
How COVID-19 Might Create a Non-Owned Auto Liability Gap
Author, Drew Garcia, Vice President, Landscape Group, Rancho Mesa Insurance Services, Inc.
As landscape businesses continue to adapt operating protocol due to COVID – 19, they may also be creating new risk. Newly formed “work from home” policies for the office staff and direct reporting to job sites for workers in the field can create more of a non-owned auto liability exposure.
Ensure You’re Not Under Covered and Overpaying for Auto Insurance
Author, Casey Craig, Account Executive, Rancho Mesa Insurance Services, Inc.
Auto insurance prices are continuously rising. What is the reason for this and what can be done to cut back on the cost? There are many factors that lead to the carriers needing to increase their rates. We are going to discuss exactly what some of the reasons for the increases are; and more importantly, what business owners can do to offset price increase as much as possible while receiving adequate coverage.
Distracted Driving, Not Just an Automobile Insurance Issue, Bad News for Workers Compensation Too
Author, David J Garcia, A.A.I, CRIS, President, Rancho Mesa Insurance Services, Inc.
I’ve written at length on the negative effects distracted driving is having on the automobile insurance industry and its impact on the rise in accidents, claim costs, and increases to your automobile premiums. But, have you considered its effects on your Experience Modification Rate (EMR) and ultimately workers’ compensation cost?
Uninsured and Underinsured Motorists Coverage - Are Your Limits Adequate? - Be Careful!
Author, David J. Garcia, A.A.I., CRIS, Rancho Mesa Insurance Services, Inc.
Earlier in the year, we published the article "Commercial Auto Premiums Are Rising - What’s Driving the Increases?," which addresses how insurance companies are all experiencing adverse loss experience within their commercial automobile books of business. The result of these mounting losses is causing a dramatic rise in commercial Auto premiums for most policyholders.