Insureon Blog

New Report Reveals Pricing Trends for Small Business Insurance Policies

6. March 2014 10:09

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Did you know that the Insureon Small Business Institute, our educational arm, releases a report that analyzes the cost of small business insurance? It happens four times a year — one for each fiscal quarter — and the newest numbers are in.

The Small Commercial Insurance Online Pricing (SCIOP) Index report for the last quarter of 2013 is now available for you to read online. It uses data collected from the policies we write for our small-business owner clients to find out how much their insurance prices have changed since the last quarter.

We then compare our customers' trends with the trends of the commercial insurance industry at large. (Spoiler alert: our customers' prices increased about 2.25 percent while the prices of the overall commercial insurance market increased nearly 3 percent.)

The data also allows us to better understand trends across industries, states, and different types of insurance policies. Read on for the highlights.

Highlights from the Newest SCIOP Index Report

The latest SCIOP Index report focuses on numbers in three industries: IT and technology,construction and contracting, and non-IT businesses. Here are the highlights:

The SCIOP Index also compares pricing changes in the four states where we write the most policies: California, Florida, New York, and Texas. For more information on these numbers, read the full report!

Why the SCIOP Index Matters for Small-Business Owners

Small businesses are the backbone of our recovering economy — they created 70 percent of all the new jobs in 2013. To keep that growth strong, more small-business owners are turning to business insurance for an extra layer of financial security.

But not all insurance providers can offer you the policies you need to protect your business at a competitive rate. Some carriers can't offer small business insurance policies at all. And when you purchase directly from a carrier, you don't have the benefit of being able to comparison shop.

That's why it's so import that insureon not only helps you secure the insurance you need to keep growing, but also that we provide information that helps you understand how your policies are priced and where those numbers come from. Check out our guide "How Much Does Small Business Insurance Cost?" for more reading.


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