Business Liability Insurance

B

booyaa

Member
My rate for Liability ($2,000,000 aggregate coverage) just went up to $2,300 per year and that's a huge increase over last years rate. I've never had a claim, and this insurance includes Garage Keepers Liability. I've never asked anyone else what they're yearly rate is, but I'd sure like to know if you guys think that $2300 is too much for a years coverage for washing fleet vehicles? Thanks
 
I RECENTLY HAD TO INCREASE FROM 3MIL TO 4MIL. MY ADDITIONAL COST JUST FOR THE EXTRA 1MIL WAS $2544 PER YR.WAIT TILL YOU SEE WHAT HAPPENS TO YOUR WORKERS COMP. I SHOPPED AND ITS STILL GOING UP 22%. (GULP) WITH 0 CLAIMS LAST YEAR. IT AIN'T EASY ! DAN COSGROVE
 
Here is something I mentioned in the past about workers comp. run your people through a temp service it could be cheaper then paying workers comp.

Charlie
 
DAN

I was talking to Joe Walters in Pennsylvania and he said that insurance is going to go up accross the board. He said that the insurance bill for the 9/11 attack was approaching 60 billion and that insurance companies buy their own insurance to cover themselves in case of a massive disastor (called reinsurance), but they're overwhelmed by the number of claims. Sounded feasable to me and further points out how far reaching that attack was.
 
Not just a Calif increase. Joe said it will be nationwide.
 
Yeah it usually doesn't go down does it? The way Joe Walters was talking it's going to be exorbadent for awhile. But I know it's necessary and ya gotta spend $ to make $
 
Here in Wi. health ins is going up. The reason why is that the ins companies will not be able to raise it every 3 months knew restriction. I am not sure if this applies nation wide. That is why insurance cost is raising. Don't let the 9/11 tragedy be the reason, this was in the works for months before. Got this from my insurance guy.

Charlie
 
My Agent told us last March that Insurance across the board would be going up...and fast. He said they were making up for the price wars of the past 10 years that resulted in no or little profit.
 
John, I am in Northern Virginia, what company are you with, I am having a tough time finding someone who will provide a basic insurance policy for flat surface clining? Thanks
 
Just happen to have my business insurance rates in front of me all broken down.
Liability 41,000,000 - $2,000,000 $2584
Trucks four of them $4180
Trailers- $65
Inland Marine - $627

Total business insurance Not including workmens comp.-- $7456

Scott
 
Heck we should sell our pressure washing businesses and go into the insurance busiess.

Sit in office and rake in the bucks.

Have not got my bill yet, couple month to go and with all the talk from you guys I just cannot wait to see how much they hit me for.
 
Ron,
I told you it is because I am better looking. There are a couple of things to remember with the quote. My insurance is based on teh number of employees. I am pretty sure that I have fewer than you do. The trucks are both new and old. 2 2000's and a 93 toyota, and a 89 two ton GMC. I only have two trailers. One a pressure rig and one open trailer. Plus my sales volume is probably lower than yours.

Scott
 
I think the rate that is used to multiply per $100 or $1000 of payroll or revenue for the insurance is a better indicator of how much you are being charged rather than total cost of the insurance. The insurance carrier is going to charge you based on how much exposure (risk) they think that they have!

Some of us (like Ron & Scott :) have many employees (big payroll) and a few of us have no employees.

Our liability insurance rate is and always has been multiplied by our payroll. More estimated/actual payroll the more cost per year etc.

Our current rate for General Liability coverage is $14.496 per thousand of payroll. General Aggregate $2,000,000 with completed operations. We also have a garage keeper’s policy add on that costs $200 per year. This covers us if we are driving our customers vehicles. We also have an employee dishonesty bond that we pay $110 per year for.

Our current Workers Compensation rate is $4.69 per hundred of payroll.

With health insurance that we provide for some of our older employees our total cost for insurance over the past 5 years is 5.8% of our revenue. I think I am insurance poor!! :-(

Dave Olson
 
Dave Olson

Dave your post was the information I was hoping to see and I never knew there was such a thing as a "employee dishonesty bond". Very very interesting post, thank you.

Looks like premium renewals are starting to arrive lol
 
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