Just got my E&O renewal from Travelers. Premium went from $1,800 to $3,600 with no claims history. Anyone else seeing massive rate increases?
E&O renewal shock - rates doubled
Same here. Zurich doubled my rates. Broker says it's market-wide hardening after some big professional liability losses in other industries.
Shopping around helped me. Left Liberty Mutual after 10 years when they wanted to triple my premium. Found Beazley at half the cost for same $2M coverage.
COVID claims have insurers spooked. Even though utility auditing wasn't directly impacted, all professional services coverage got hit with rate increases.
Consider raising your deductible. Going from $2,500 to $10,000 deductible saved me $900/year on my renewal.
Captive insurance programs through professional associations might be worth exploring. NECA has one that covers energy consultants.
Greg - can you share details on the Beazley policy? My renewal is coming up in March and I need options.