An abundance of natural disasters can have far-reaching implications on Americans, and not just on those who have lost their homes or their workplaces directly. Costs continue to rise for associated activities such as medical transportation, and a key shift within the insurance agency is magnifying that impact. Many ambulance companies are finding that it’s increasingly difficult to obtain or renew insurance as rates increase exponentially or agencies discontinue writing new business altogether. See how these changes within the ambulance insurance industry may impact your business, and how to take steps to minimize any negative impact.
Limited Access to Insurance
As the insurance marketplace continues to morph, organizations in the medical transportation field are finding it increasingly difficult to insure their vehicles and operations. The increase in rates has made it untenable for smaller organizations and difficult for even large ambulance groups to afford insurance. The inability of traditional insurers to write new business has caused widespread frustration, especially as the number of carriers overall continues to decline. This results in limited access to insurance for a wide range of businesses related to healthcare transportation.
Impact of Natural Disasters
From tsunamis in the eastern part of the world to flooding in Texas, Louisiana, and Florida, natural disasters are having an expanding impact on our world in general. This has been particularly impactful to the insurance carriers, who have paid out hundreds of billions of dollars in claims due to the widespread severity of these events. The recent 2017 hurricane season was one of the most damaging ever, leaving thousands of people without homes or vehicles. Droughts, serious freezing events, wildfires and storms represented individual losses of greater than one billion dollars each and resulted in the deaths of hundreds of individuals.
With the recent and expected future shifts in the insurance industry overall, it becomes even more important that your organization’s risk management structure is in place. Auto insurance premiums, in general, are on the rise, and commercial insurers are leading the pack. When there are significant changes within any industry, you need to know that the organization you trust with your business continues to be knowledgeable about this ever-changing industry. When you’re supported by a team that can see changes before they happen, your organization can plan for an uncertain future more effectively.
Don’t wait for a disaster to happen before you find the best insurance coverage for your medical transportation business. Contact DeVenne Insurance today at 614-945-4500 or via email to firstname.lastname@example.org. Our professional adjusters will answer your questions and help you determine the best insurance for your unique needs. Don’t forget to sign up for our blog to stay up-to-date with changes in the ambulance insurance industry!