Can insurance companies raise their rates by 61% every year?
Question Details:
I have a small business with less than 20 employees. One employee recently had surgery to remove a cancerous tumor. Our insurance company is now raising our rates by 61% to help recoup the costs. Can they do this every year? Is it legal to punish the whole company and its employees with such an outrageous price increase?
Insurance Law Law Answers
Insurance companies have enormous--too much--discretion over what they charge for premiums; is is almost certainly legal.
I sympathesize greatly; I have a small business and was watching my premiums increase 25% annually w/out any claims. You probably need to do what I did--shop for new insurance. I was able to save 40% by switching providers and get coverage to boot.
Related Insurance Law Questions
- How would a conviction for Georgia marijuana possession affect my auto insurance?
- How would a conviction for Ohio marijuana possession affect my auto insurance?
- How would a conviction for marijuana possession affect my auto insurance?
- How would a conviction for New York marijuana possession affect my auto insurance?
- Can a marijuana possession conviction in California affect my auto insurance?
Didn't find your answer? Ask.
Top Ranking Attorneys
- Hong Shen210 Answers|Points 10500Gold Contributor
- Joseph Gasparrini46 Answers|Points 2200Bronze Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga79 Answers|Points 3900Silver Contributor
- Shawn Jackson17 Answers|Points 850Bronze Contributor
- Glenn M. Lyon, Esq.27 Answers|Points 1330Bronze Contributor
- Hong Shen210 Answers|Points 10500Gold Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga79 Answers|Points 3900Silver Contributor
- Sharon Siegel62 Answers|Points 3090Bronze Contributor
- Michael D. Siegel56 Answers|Points 2750Bronze Contributor
- Paula McGill50 Answers|Points 2500Bronze Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here
More Questions Like This...
 |