For the second year in a row, executives from upper mid-sized companies (more than 500 employees) report much higher productivity savings by reducing claim costs in all lines than executives from lower mid-sized companies (between 100-500 employees).
About 70 percent of respondents have combined at least two lines of commercial insurance with one carrier, although among employers with more than 500 employees, the percentage was much higher in both annual surveys.
Nearly 60 percent of insurance buyers said their agent or broker “always or usually” encourages them to place multiple lines of coverage with one carrier, with another 30 percent saying their agent or broker “sometimes” provides such counsel.
Among those who have combined at least two lines of coverage with one carrier, nearly 90 percent in both annual surveys said they achieved significant efficiencies (saving at least 4 percent per year).
General liability and property (commonly combined in package policies) and workers’ compensation and general liability were cited in both annual surveys as the two coverage pairs that are most likely to achieve significant efficiencies when combined with one insurance carrier.
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