ISBI Posts Its Small Business Insurance Pricing Index Results

Proquest LLC

The Insureon Small Business Institute (ISBI), a research and education arm of an online business insurance agent for small and micro businesses, on December 18, released its inaugural Small Commercial Insurance Online Pricing (SCIOP) Index of online policy prices purchased by the nation's smallest businesses.

According to a release, the first SCIOP Index measures policy prices in the second and third quarters of 2013 and shows that the market for the nation's smallest businesses, including freelancers, contract professionals, and businesses with 10 or fewer employees, saw overall price increases of 2 percent, slightly lower than the increases reported for the overall small business insurance market.

"The online market for small business insurance is strong and healthy," said Ted Devine, CEO of insureon. "More business owners are comfortable purchasing coverage online, and these [SCIOP Index] numbers show that going online to make that purchase is a smart decision from a financial standpoint for owners of the nation's smallest businesses."

Of note in insureon's SCIOP Index report is that General Liability Insurance policies showed no price increase during both Q2 and Q3 of 2013, whereas indexes of the larger commercial market showed price increases closer to 4 percent. This suggests a distinct benefit in shopping for GL coverage online for small businesses.

More information:

www.insureon.com/insureonu/small-commercial-insurance-online- pricing-index-q3-2013.aspx