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insureon Pricing Report Shows Online Small-Business Insurance Prices Beat the Market

18. December 2013 08:21

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The Insureon Small Business Institute (ISBI) today released a report detailing pricing trends for commercial insurance sold online to the nation's smallest businesses. The Small Commercial Insurance Online Pricing (SCIOP) Index for Q3 2013 shows that, in the online space, policy prices increased by 2% overall year over year for the nation's smallest businesses.

So what does a 2% price increase between Q3 of 2012 and Q3 of this year mean for small-business owners? In brief, it suggests that the Internet is the place to go to buy small business insurance. A leading price index provided by MarketScout for Q3 2013 showed that, overall, business insurance rates increased 4% in November.

The 4% increase includes prices for businesses of all sizes and policies purchased through traditional channels. The ISBI numbers, on the other hand, reflect data for a smaller subset of the commercial insurance market: small businesses (including freelancers and independent contractors) who purchase insurance online.

Changing Insurance Needs for Small Businesses

In addition to illuminating overall trends in small commercial insurance purchased online, the ISBI report offers insight into trends in insurance requirements for small and micro businesses. Specifically, the report notes that…

Download the full SCIOP Index report for more details about how small business insurance prices have changed in the last year.

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Insurance News | Insurance Research | Small Business Trends

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