Liablity insurance went from $1,900 to to $34,000!

Our liablity insurance annual premium went from $1,900 to to $34,000 a year, and we've had NO claims!

Our business tripled, but didn't go up 1500%.

Does anyone have a good agent, that might be national or at least licensed in NJ or PA?

We are with Travelers.

Please have them contact me, or send me their info, thanks!
 

HulkSmash

Major Contributor
Our liablity insurance annual premium went from $1,900 to to $34,000 a year, and we've had NO claims!

Our business tripled, but didn't go up 1500%.

Does anyone have a good agent, that might be national or at least licensed in NJ or PA?

We are with Travelers.

Please have them contact me, or send me their info, thanks!

34k a year?

wow....
 

Pat Whatley

Major Contributor
Just curious, I'm sure you called them to ask about it. Did they give you a reason for it?

Five years ago we had to redo our insurance because the price tripled on us. When I called to ask why they said it was because of the risk of receiving devastating injuries from the blades we used to cut materials. I never could get the lady to understand how small the blades were on the phone. I ended up taking a plotter blade, and x-acto blade, and a pair of scissors to her office....our insurance went back to the original rate.
 

Gino

Premium Subscriber
Maybe it's how you described what you do for a living. Some activities cost more than others and if you didn't explain it correctly the first time around and they see or find out differently, they jack ya up instantly.

Many people, in order to get lower premiums will stretch it a little and hope for lower costs. However, if they'd ever need to use their insurance will find out on the spot, they aren't covered for whatever it is they're claiming and then be upset.

Make sure they haven't changed your status without your knowing it, or you might be able to go back to them and argue it.
 
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Said it was based on our payroll, which maybe tripled, not 1500%.
It's liabilty anyway not worker's comp, so it seems odd they would calculate off of payroll.
 

jayhawksigns

Very Active Member
You might check what they have you classified as doing. Our old carrier tried to classify every employee and 100% of our work as sign installation/installers. Premiums dropped a lot once we got it straightened out.

Doesn't hurt to shop around though either.
 

Techman

Major Contributor
your agent is not doing his/her job. They sit there looking for ways to increase their commissions. You are forced (extorted) to do their job for them. They will not do it themselves because he/she is looking at getting her new 'vette on yoru dime. Why should they look into a little when it will just cut their pay by 13 grand a year?
 

amw

Member
Wow!
That would cover our whiole policy (at the current rates) for about 50 years!
Its crazy how much the rates change from one company to the next.
 
J

john1

Guest
Wow that's a ton of cash. My business is very small and it's like under $600 a year for i think 1 million liability with a premium of $500 i think it is. My agent does good rates with print companies in my area so maybe talk to other shops to see if they recommend a agent/company.
 
your agent is not doing his/her job. They sit there looking for ways to increase their commissions. You are forced (extorted) to do their job for them. They will not do it themselves because he/she is looking at getting her new 'vette on yoru dime. Why should they look into a little when it will just cut their pay by 13 grand a year?

Sad but a lot of truth, when they faxed it over they inadvertantly left in page showing commission 15%.
 

ddarlak

Trump Hater
Said it was based on our payroll, which maybe tripled, not 1500%.
It's liabilty anyway not worker's comp, so it seems odd they would calculate off of payroll.

every year my insurance company sends me a letter to report my sales, every year i toss it in the garbage as it has NO bearing on my insurance. they have yet to demand it.....
 

rjssigns

Major Contributor
If you are doing sub-grade work. Ya know, diggin' holes in the dirt, that may be it. Some contractor friends are complaining about the increases.
 

royster13

Very Active Member
A request for quote from other brokers will tell you whether or not the new premium is competitive.....
 
If you are doing sub-grade work. Ya know, diggin' holes in the dirt, that may be it. Some contractor friends are complaining about the increases.

They are yard signs, as in bandit signs, but they don't have a catyegory for that.

We are trying to argue taking them around is similar to delivering pizza or newspapers.
 
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