Insuring Success in 2021 – Tips for finding the right “fit” for the New Year

What a year! 2020 has indeed been a trying and unprecedented time for most businesses and individuals. The word pivot has become a normal when dealing with business goals. Growth seems like a mysterious creature that continues to change each month time and time again. More than ever businesses are trying to focus on the growing light of 2021; hoping that with the COVID-19 vaccine in place and the social unrest healing…better days are ahead. That being said, it has never been more important to analyze your business’ security and health for the New Year. Understanding where your company’s property and casualty (P&C) coverage sits and ensuring that it is both protecting the unforeseen while also being cost-conscious is pivotal.  

As always, Insgroup, Inc. is here to advise and direct. Our goal is to be true advocates to helping determine the best overall solution to your needs. To help with this process we wanted to lay a quick foundation of three major points that you should be thinking about when determining the best overall solution heading into 2021 renewals. 

1. Premiums are going to continue rising 

For years we have continued to see a steady increase in insurance premiums, with 2020 being one of the most drastic in the last decade. Over 80% of businesses have seen higher P&C premiums due to COVID-19, natural disasters, and social unrest. These uncomfortable trends are more than likely going to continue to rise in 2021 as many uncertainties are going to seep into the New Year. To help combat this, Insgroup has implemented a free analysis tool called Insight+ that utilizes insurance trends, competition, and your business profile to determine the best overall coverage for your business. Do yourself a massive favor and contact us for a review.  

Whether you use Insgroup as your insurance provider or not, the data you get from the Insight+ process is a massive game changer when choosing the right insurance packages and partners. 

2. Restrictions, restrictions, restrictions 

Right off the bat, when the marketplace changes due to industry challenges, pandemics, etc. you can expect that restrictions are going to come into play on coverage capacity. What does this mean? It means that carriers are going to be pivoting and potentially exiting certain marketplaces due to profit margins. Being a Texas based entity, we know that this is going to be a potential threat to many industrial and energy companies that are the blood and veins of our local economy. Everything from auto coverage to secondary needs such as cyber, civil commotion and communicable disease are being re-evaluated and thus need extra attention from the insurer as they develop a value-driven plan for your business’ future. 

3. Catastrophes are Increasing Deductibles  

According to Reuters, extreme weather events have increased dramatically in the past 20 years. With everything from catastrophic hurricanes to wildfires rampant in the west, we can only assume that we will see a continued surge in property policy costs as well as wind and hail coverage.  

What can I do? 

Due to so many variables being factors in your coverage, it is vital to begin the process of determining the best packages as soon as possible.  

A common message that we hear from businesses is that they wait till a few weeks before their renewal is due…call a few local agencies and choose the most cost-effective option/or stick with their friend who takes them golfing twice a year. This way of determining “fit” for your coverage has to change…with dozens of policy changes and new threats, it’s recommended that businesses spend as much time (several months) as possible reviewing every risk and how they can combat them with a package that mirrors where their business is and where they plan on being in the next year. 

Let Insgroup help develop your “fit” today by emailing us at or giving us a call at (800) 713-4711. Insgroup…Insuring Your Success. 

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