The insurance industry is cyclical, with periods of fluctuating conditions known as "hard" and "soft" markets. Currently, the industry is experiencing a hard market, a phase that has significant implications for both insureds (policyholders) and insurers.

Commercial property insurance is a vital component of any business's risk management strategy, protecting physical assets such as buildings, equipment, and inventory from various perils. One important concept within commercial property insurance is coinsurance, a term that can significantly impact the outcome of a claim.

When shopping for insurance, the temptation to lower your premium by increasing your deductible can be strong. After all, a lower monthly payment seems like a smart way to save money. However, the truth is that increasing your deductible might not be as cost-effective as it appears.