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Liability Insurance rates... state of the union.

Discussion in 'Business Management' started by John L, Sep 19, 2012.

  1. John L

    John L Very Active Member

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    Apr 28, 2007
    We just got a renewal notice for this years liability insurance premium that is UP $400 for no good reason I can see. We've had no claims (ever, in 30 years of business), no change in credit report, no change in cash flow, nothing different. Agent is at a loss.

    The coverage is.. $2,000,000 public liability
    $200,000 business real estate property (shop and storage)
    $150,000 business property (tools, undervalued)
    30 years in business
    30 years owner experience
    S corporation

    No other coverages under this policy. Cars, trucks, workmans comp, are all under seperate policies.

    We were at $1400 the last couple years. Now they are at $1800/yr. for the above.

    I'd like to know if anyone else would share what they pay, and for what coverage. But I also want to ask... does anyone know what the SIC code is for a bubble wrap manufacturer?
     
    Tags:
  2. slipperyfrog

    slipperyfrog Active Member

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    Jul 18, 2007
    Las Vegas
    Time to get a new agent.
     
  3. WeekendDirectionals

    WeekendDirectionals Member

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    Dec 2, 2011
    I wish ours only went up a third. No claims either.
     
  4. visual800

    visual800 Very Active Member

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    Aug 4, 2010
    montgomery, alabama
    I posted this before and Ill do it again

    BUSINESS NOW INSURANCE under the HARTFORD
    Holly@businessinsurancenow.com

    It does not hurt to get a rate. Ive had people PM me on here and tell me thanks! I was paying over $2k a year at a local agency and now I pay less than $1k for the same coverage, it's ridiculous!!!!

    good luck and please mention bruce ward visual images sent ya!
     
  5. John L

    John L Very Active Member

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    Apr 28, 2007
    Very helpful visual. Thank you. I'll be calling them.
     
  6. Jillbeans

    Jillbeans Major Contributor

    14,457
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    Dec 24, 2003
    Butler, PA
    I'm at about $500 a year.
    Up from last year with nary a claim.
    I just had my auto and home insurance combined with a new policy via Farmer's.
    I'm gonna save $840 a year for better insurance.
    They are reworking my business insurance now.
    Love....Jill
     
  7. earplug

    earplug Member

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    Jul 29, 2006
    Colorado
    Some call it "rate creep". Insurance companies do not value loyalty. You need to have a good multi-line independent agent that can shop on your behalf.

    Have your agent (or find a new one) to check into Auto Owners Insurance. Contrary to their name the provide us with some great business coverage.

    Jack
     
  8. 2CT Media

    2CT Media Very Active Member

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    Jun 15, 2009
    Mesa, Arizona
    We pay $1925/yr for the same policy + vehicle insurance with $1mil CSL
     
  9. zmatalucci

    zmatalucci Very Active Member

    whats are your insurance companies classifying your business as?
     
  10. jayhawksigns

    jayhawksigns Very Active Member

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    Jan 8, 2005
    Kansas
    We had our multi-line guy check with Hartford but as soon as they found out we did vehicle wraps it was a no go. Something about a case out in California and they won't insure wrap companies. Ours is through CNA right now.
     
  11. SD&F

    SD&F Very Active Member

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    Oct 4, 2009
    I use Zurich and I have more coverage than you do. My bill came in just today and it did not go up from last year. It is about the same as yours with no claims, long business standing etc...
     
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