{"id":278090,"date":"2026-06-25T18:15:16","date_gmt":"2026-06-25T18:15:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/278090\/"},"modified":"2026-06-25T18:15:16","modified_gmt":"2026-06-25T18:15:16","slug":"commercial-insurance-rates-rise-slower-in-ny","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/278090\/","title":{"rendered":"Commercial insurance rates rise slower in NY"},"content":{"rendered":"

Listen to this article<\/p>\n

Commercial insurance<\/a> rates continued to climb in early 2026, though at a slower pace than in recent years, according to a recent industry survey. As the market shifts and underwriting standards evolve, we asked local professionals what insurers are prioritizing and what business owners can do to strengthen their risk profile.<\/p>\n

\"\"\"\"Gregory Knicley<\/p>\n

\u201cAside from the type of industry and business operations, insurers are reviewing the financial stability and risk management practices of current and potential customers,\u201d said Greg Knicley, area senior vice president, Gallagher Retail Brokerage, about the biggest factors insurers are evaluating when underwriting businesses today.<\/p>\n

Knicley explains that insurers evaluate the financial health of a business to ensure it can meet its obligations, including paying premiums, and a profitable business is less likely to cut corners on safety and compliance, reducing risk exposure.<\/p>\n

\u201cBusinesses with strong safety measures are viewed as a lower risk,\u201d he said. \u201cAdherence to industry regulations and standards also reduces liability risks.\u201d<\/p>\n

Knicley said underwriting expectations have become increasingly data-driven in recent years, with insurers relying more heavily on predictive modeling and analytics to forecast potential losses.<\/p>\n

\u201cInsurers are leveraging big data, artificial intelligence<\/a> and machine learning to assess risks more accurately,\u201d he said. \u201cThis includes analyzing historical claims data, market trends and external data sources.\u201d<\/p>\n

That increased scrutiny, he said, means businesses are being evaluated more holistically than ever before, with underwriters looking beyond claims history to assess operational resilience, cybersecurity readiness and long-term financial stability.<\/p>\n

He said businesses that can clearly demonstrate sound internal controls and a proactive approach to risk often stand out more favorably in the underwriting process.<\/p>\n

\u201cBusinesses can strengthen their risk profile by making transparency part of their insurance story,\u201d Knicley said. \u201cA healthy balance sheet, consistent profitability, low debt levels and clear compliance records help show insurers that the business is disciplined, stable and committed to managing risk.\u201d<\/p>\n

He added that formal risk management plans, strong cybersecurity controls and business continuity strategies can also improve insurability by demonstrating preparedness before a loss occurs.<\/p>\n

\u201cAI<\/a> and cybersecurity are quickly becoming two sides of the same risk conversation,\u201d Knicley said. \u201cAs businesses adopt more digital tools, they need to understand not only how those technologies can create efficiency, but also how they can introduce new exposures tied to data, operations, intellectual property and reputation.\u201d<\/p>\n

Brett Findlay, senior vice president and construction practice leader at OneGroup<\/a>, said underwriting in the construction space starts with measuring exposure, but risk management practices can have a major impact on pricing and eligibility.<\/p>\n

\"\"\"\"Brett Findlay<\/p>\n

\u201cFirst and foremost, insurance underwriters are looking to gauge risk and then quantify that risk via exposure,\u201d he said. \u201cTo put that into perspective, exposure for a construction company could be gross sales, payroll or sub-contracting costs in most instances.\u201d<\/p>\n

Findlay said carriers apply rates based on the type of work being performed and the level of risk associated with it, but beyond the numbers, underwriters are increasingly evaluating how well businesses manage risk.<\/p>\n

\u201cThe aspect that not as many people talk about is the risk management strength of the operation that the underwriter is looking at and how that can affect pricing and program eligibility,\u201d he said.<\/p>\n

Findlay pointed to three key areas construction firms should prioritize: contractual risk transfer, risk management and loss control, and safety program adherence.<\/p>\n

\u201cContractual risk transfer (sub-contractor\u2019s agreement) is critical in New York state,\u201d he said. \u201cIf you don\u2019t have proper risk transfer, many carriers will not even entertain your business.\u201d<\/p>\n

Findlay said having a proactive loss control strategy and clearly communicating that strategy to underwriters can also improve terms.<\/p>\n

\u201cA strong safety manual and adherence to it\u201d can be a differentiator, he said, adding that accountability and consistency can become the \u201csecret sauce\u201d when negotiating coverage.<\/p>\n

Findlay said the construction insurance<\/a> market in New York is beginning to soften after several years of a hard market, but underwriting remains strict.<\/p>\n

\u201cThe market is softening now for the first time in a long time, but stricter underwriting guidelines remain,\u201d he said. \u201cAnd with the development of technology and AI in the insurance world, models are changing.\u201d<\/p>\n

He also urged businesses to be strategic about broker relationships and to avoid flooding the market with multiple submissions.<\/p>\n

\u201cWhen underwriters and carriers receive the same account from multiple sources year after year, it can weaken the overall presentation,\u201d Findlay said.<\/p>\n

Looking ahead, he said contractors should pay close attention to automotive, cyber liability and pollution liability risks, all of which can carry significant financial consequences if left unaddressed.<\/p>\n

Caurie Putnam is a Rochester-area freelance writer.<\/p>\n

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