32 Small commercial market insights As with all businesses, rates for small commercial risks are increasing for buyers of business owner’s policies (BOPs). Rate trends • IVANS Index is reporting BOP increases of 7.23% (up .60% from the previous quarter). • For standalone coverage lines, premium renewal rate change trends for automobile liability, general liability, property, and umbrella are all trending upwards from the previous quarter. These are baseline trends from IVANS, with double-digit increases becoming more common for risks with poor loss experience and for tougher classes of business. 6.13% Automobile liability 5.35% Umbrella (1.08% increase over prior quarter) (.10 increase over prior quarter) 5.71% General liability -1.66% Workers’ compensation (.31% increase over prior quarter) (-.64 decrease over prior quarter) 8.38% Property (.73% increase over prior quarter)