However, knowing that insurance could be dropped and that insurance rates will most likely be increasing by 30%-1,000% can help owners prepare for it.
Every business needs to be proactive on its insurance renewals. As someone with a financial background and the owner of entertainment parks, I believe you need to be reaching out to your brokers, or even shopping for a new broker if you are not getting results. You also need to ensure you are getting the right insurance. As FEC owners, we can’t operate without liability insurance, period. Brokers may be excluding some coverages to reduce rates.
Brokers are the intermediary between you and the insurance company, and I’ve learned that they don’t always have your best interest in mind. Businesses need to read a lot of reviews and reach out to a multitude of brokers. Don’t give up on the first 20 or the second 20 insurance companies — or in my case, 50+ insurance companies — but do ask questions.
Even after finding the right broker who can negotiate an affordable renewal price, businesses have to anticipate that their rates will be higher, and perhaps much higher, in 2022. Say your insurance increases by 300%. Suddenly, your general liability premium increases from $200,000 to $600,000.
The bottom line is that amusement park, water park and FEC owners have a price increase coming, and they have to prepare for it. How are you going to stage this? You’re going to have to pass on some of the price increase to your guests or whoever is purchasing from you as well as potentially carry some of it yourself.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Council Post: The Great Resignation: Why Employee Turnover Is Killing BusinessesBusinesses need to become a lot more adept and competent when operating in this extraordinary economic environment. Wait a minute, do you mean that all of these people quitting their jobs in this 'great resignation' is one of the reasons for the help wanted and hiring signs?!
Source: Forbes - 🏆 394. / 53 Read more »
Council Post: Business Lessons From Successful Black Entrepreneurs (Part 3): Tenacity Is Needed To SucceedBig moves don’t just require ambition; they require the expertise and experience to back it up. Impress me ☀!
Source: Forbes - 🏆 394. / 53 Read more »
The latest sign of President Biden's inflation politics problem comes from Main StreetSmall business owners are more worried about inflation and President Biden's approval rating is dropping among entrepreneurs, and not just the Republicans.
Source: CNBC - 🏆 12. / 72 Read more »
WSJ CEO Council: Leaders from Tesla, Intel, Reddit, Pfizer and More Discuss Challenges Facing BusinessThe Wall Street Journal is gathering prominent leaders in business and politics to discuss how CEOs can best navigate the current political and economic climate. JoannaStern wow JoannaStern Is Elon a Proud Boy? What the heck JoannaStern Tanta plata y se corta el pelo como un turro
Source: WSJ - 🏆 98. / 63 Read more »
Council Post: In Response To The Supply Chain Crisis: Various Export Methods For DropshippersEvery moment from now on is the best moment for not only dropshippers but also merchants worldwide to review their business strategies and make adjustments accordingly. Yeah i would love to share this information with stock investors. I always run at lost in all my involvement but i started earning when i got introduced to a trade coach who help me trade, all i do is relax and earn. In 2 weeks i earned $20,000 Contact him abrantesrene
Source: Forbes - 🏆 394. / 53 Read more »
Council Post: How To Start A Consulting Startup Without The Consulting BackgroundTo minimize risk and increase the chances of success, my advice is that they should try to enter a new career by focusing on sectors that they know.
Source: Forbes - 🏆 394. / 53 Read more »