COSTA MESA, Calif. - eTradeWire -- Businesses face financial uncertainties due to inflation in 2023, even with their business insurance policies. All lines of commercial insurance saw increases in premiums towards the end of 2022, except for workers compensation, which is expected to rise in the coming months.

Considering the impact of inflation on other industries, property insurance has actually remained stable, except for commercial properties located in areas with a high wildfire score or in states prone to wind storms and floods. Natural disasters continue to be a financially taxing issue for businesses as storms become more and more severe.

As for losses due to crime, according to a Deloitte report, cyber attacks in the form of ransomware were up 235% in 2021 compared to 2019, and the average ransom payments skyrocketed 370%. These numbers only increased in 2022, a year that was full of cyber scams and other forms of organized retail crime. Insurance agencies across the country reported more sales of cyber insurance in the past year, some as much as 50% more, as a means of combating cyber attacks. Even LLCs are buying cyber protection from their insurance agents.

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Let's look at how much prices have risen across the board for the coverages you need for your business. We'll review coverages you ought to have if you do not have them already. We'll also look at recent disasters, how much they cost in property losses alone and how you should prepare for the next one to save your business thousands of dollars in losses in 2023 and beyond.

Visit https://smartfinancial.com/state-of-business-insurance for insights and statistics.