Business Insurance
» Business Insurance, Volume 2, Issue 7, 2002
If respondent purchases insurance to cover product or professional liability.
3B1. On a cost per unit of coverage basis, has the price of insurance covering product or professional liability over the last year or so:? By what percentage has the price risen for product or professional liability coverage?
| Response | ||||
|---|---|---|---|---|
| 1 | Risen - 50+ percent | 7 | ||
| 2 | Risen - 20 - 49 percent | 12 | ||
| 3 | Risen - < 20 percent | 30 | ||
| 4 | Risen - DK/Refuse | 8 | ||
| 5 | Stayed about the same | 37 | ||
| 6 | Fallen | 1 | ||
| 7 | DK/Refuse | 5 | ||
| Total (%) | 100 | |||
| N | 464 | |||
Notes: Fifty-seven (57) percent of small employers who have product or professional liability insurance had premium increases in the last year (Q#3B1).
