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Proactive Ways to Manage Rising Insurance Costs, with Mike Marroccoli
Manage episode 449113309 series 3614002
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Don’t let skyrocketing insurance rates break your business.
In this episode, Ken and James sit down with Mike Marroccoli, Principal at EPIC Insurance Brokers & Consultants. They explore the impact of rising insurance costs in the transportation industry, emphasizing the crucial role of safety culture and risk management in keeping premiums manageable. In this episode, you’ll learn:
- Why the industry is currently in a "hard market," causing elevated premium rates due to increased reinsurance costs and high claim payouts, including "nuclear verdicts."
- Why minor accidents can lead to more severe incidents, reinforcing the notion that "frequency breeds severity."
- How the use of telematics and cameras in vehicles can mitigate risks and protect against fraudulent claims, despite initial privacy concerns.
- Why companies should be diligent about reporting all potential claims, even minor incidents, to avoid future complications and ensure early settlement possibilities.
- How brokers play a critical role in managing insurance needs, advocating for clients by thoroughly assessing risks, negotiating with carriers, and ensuring timely policy renewals.
Connect with Mike on LinkedIn: https://www.linkedin.com/in/michaelmarroccoli/
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