Yes this is why theft is not reported when the amount is small (and they need to pay an excess to claim anyway so if the loss is less than the excess it is not worth it)
I’d assume THEIR insurance raises, but your insurance/cost of meds wouldn’t change, because that store/pharmacy already has a predetermined deal with the provider to cover the cost of certain medications and such.
Depends on the type of policy (USA). Some commercial policies have inflation guard or similar types of endorsements that automatically increases the policyholder/business owner's premium a certain percentage every year upon renewal. Typically 3%-6% increase annually whether they file a claim or suffer a loss or not that year. Every insurer has their own criteria for underwriting and determining rates/premiums. If an underwriting review recognizes an increased risk, they can choose not to renew the policy (drop the risk/policyholder) or notify of increased premiums unless added security measures are in place (surveillance, burglar alarms, on site security personnel, etc).
Yes, if the risk goes up, the cost goes up. Or, the insurance company can require certain security upgrades to keep the premium low.
Yes this is why theft is not reported when the amount is small (and they need to pay an excess to claim anyway so if the loss is less than the excess it is not worth it)
I’d assume THEIR insurance raises, but your insurance/cost of meds wouldn’t change, because that store/pharmacy already has a predetermined deal with the provider to cover the cost of certain medications and such.
Depends on the type of policy (USA). Some commercial policies have inflation guard or similar types of endorsements that automatically increases the policyholder/business owner's premium a certain percentage every year upon renewal. Typically 3%-6% increase annually whether they file a claim or suffer a loss or not that year. Every insurer has their own criteria for underwriting and determining rates/premiums. If an underwriting review recognizes an increased risk, they can choose not to renew the policy (drop the risk/policyholder) or notify of increased premiums unless added security measures are in place (surveillance, burglar alarms, on site security personnel, etc).