GlobeSt.com: What opportunities do you suggest to your clients about easing the financial burden on the increased commercial insurance rates?

Jones: In the long term, it is important for clients to budget accordingly. We found that many of our clients were growing too comfortable with constant rate decreases over the last five years, not heeding our warning that increases were imminent. Budgeting is a vital component that insurers should aim to emphasize moving forward.

In the short term, take advantage that now is the time to review your policy coverage and deductible options. If you own a structure with superior construction and minimal exposures, you will find pricing relief by increasing your deductibles. The silver lining in this situation is that the insurance industry is taking the preemptive measures needed to reduce the impact of this price hike as much as possible.

GlobeSt.com: How can business owners identify their company's risk factors when considering insurance policies? What if a business owner has multiple properties? How should they budget accordingly?

Jones: We cannot govern the weather, but we can control how we decide to mitigate the aftermath of hurricane season. One method is to identify a business' risk factors with a qualified insurance broker. They can assist in detecting exposures that may exist and deter severe setbacks that could emerge down the line.

It is a matter of evaluating the opportunities that are available to you. Business owners can either combine multiple properties on a single policy or create individual policies for properties previously bundled together. For business owner's that have a wide portfolio of properties with a favorable loss history, it will certainly help if they create a geographical spread of risk to effectively combat rising rates. However, if a current policy has experienced several claims in the past, consider separating the locations.