SHREVEPORT, La. (KSLA) – The financial landscape for businesses in northwest Louisiana is being reshaped by the relentless surge in insurance expenses.
Robert Brown Plumbing, a longstanding establishment in Bossier City, has recently become acutely aware of the strain imposed by escalating insurance rates. With nearly two decades of operation behind them, the company was blindsided by the steep hike in auto insurance premiums this fiscal year.
Heather Brown, the business administrator at Robert Brown Plumbing, expressed the shock and concern that reverberated throughout their organization upon receiving the daunting insurance quote. “Our jaws almost dropped from the price we were given. And we were actually a little worried about, you know, ‘do we have to lower our limits’? There were a lot of things that we had to contemplate doing,” she explained.
In a bid to alleviate the financial burden, the plumbing business was compelled to explore alternative insurance arrangements. “We were told to go with this one agent. We were told to go to another one. We eventually found somebody who was able to give us a great rate. But still at that, insurance is just very expensive,” Brown lamented.
Heart Gates Vineyard, an esteemed establishment in Shreveport, found itself grappling with a similar predicament. Faced with the abrupt termination of their coverage by their former carrier, the vineyard was forced to navigate the arduous process of securing a new insurance provider.
Robert Lewis, the owner of Heart Gates Vineyard, shed light on the ordeal of contending with exorbitant insurance premiums. “We’ve never had issues with insurance before. We had been with the same carrier for a long time. But now that we had to reach out and find a new carrier, our costs have tripled,” Lewis revealed, underscoring the magnitude of the financial strain.
Lewis further underscored the shared challenges faced by fellow business owners, emphasizing the pervasive impact of escalating insurance costs. “Insurance is something you never want to use, so it’s not like we’re really getting a benefit out of it. So it’s very difficult for us right now,” he remarked, echoing the sentiments echoed throughout the business community.
The agency principal at Watley Insurance Group shed light on the prevailing trend, noting the exacerbation of the situation in recent years. Citing a lack of competition in the insurance market, he attributed the soaring premiums and limited options to this fundamental imbalance.
As businesses grapple with the mounting costs of insurance, the overarching concern remains centered on the sustainability of operations amidst the prevailing economic challenges.
