Businesses in Iowa are seeing continued increases in commercial insurance premiums across nearly all lines in 2024. According to recent reports, commercial auto insurance premiums in Q4 2024 rose to an average renewal rate increase of 9.82%, while business owners’ policies (BOP) climbed to 9.09% on average. Commercial property insurance, a critical area for businesses, remains the highest among all sectors, with a renewal rate increase of 11.11%
These rising costs align with national trends, where commercial insurance prices have shown aggregate increases across various industries, including construction, real estate, and professional services The primary drivers of these increases include inflation, higher claims costs, and evolving risk factors such as extreme weather events and cybersecurity threats.
For Iowa business owners, this trend highlights the importance of reviewing policies carefully and working with insurance providers to explore cost-saving strategies. Whether it’s bundling policies, improving risk management, or considering higher deductibles, proactive planning can help mitigate these rising costs.
Would you like to discuss ways to optimize your commercial insurance coverage? Contact us today to ensure you have the best protection at the most competitive rates.
