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Risk managers who take these measures in advance of scheduled program renewals will be in a better position to negotiate their insurance program effectively with carriers. (Photo: Wasan_Pananwong/Adobe Stock)

As the commercial insurance market continues to harden, many risk managers are gearing up for more extensive and, in some cases, challenging renewal negotiations with their insurance carriers.

Besides dealing with potential requests from carriers for higher rates and more restrictive terms and conditions, risk managers may have to adjust or expand coverages based on facility shutdowns and consolidations, mergers, acquisitions, changes in property values and other factors. What’s more, they may have to do so with less staff or some team members continuing to work remotely due to the impact of the COVID-19 pandemic in certain areas of the world.

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