10-23-2003, 08:19 PM
OUCH .....
hock:
I had a 27% increase this year and 22% last year so you are not alone. I spoke to my agents and was told the ins. co's were getting hit hard and the stock marget loses were taking there toll.
I had a major increase after our 2nd year in business (not as bad as yours) so I started shopping I currently have my liability with Zurich, my worker's comp with Travelers and auto with American family.
I carry 1 million coverage on auto & liability with a 1 million umbrella over both.
Check your worker's comp job classifcation codes they are important. I found that early on (6 yrs ago) they had my techs under "MOVERS" classification (VERY EXPENSIVE!!!! Back problems) I spoke with my agent and changed his (and the underwritter) mind. There is no proper classification for what we do. My techs are now classified (More correctly) as small appliance/office machine repair (Code 5191). When you talk to your insurance person they hear fitness equipment and think WEIGHTS, remind them that 80 to 90% (or more) of your business in Cardio (ELECTRONIC REPAIRS!!!!!). This alone saved me quite a bit.
This year 3 months before my policies were due, I faxed bid qoutes out to 8 agents, telling them what coverages I wanted and let them provide me with qoutes. Not all responded but I did get lower rates!
Hope I gave you a place to start, if not ask again!!!!!!!!
hock: I had a 27% increase this year and 22% last year so you are not alone. I spoke to my agents and was told the ins. co's were getting hit hard and the stock marget loses were taking there toll.
I had a major increase after our 2nd year in business (not as bad as yours) so I started shopping I currently have my liability with Zurich, my worker's comp with Travelers and auto with American family.
I carry 1 million coverage on auto & liability with a 1 million umbrella over both.
Check your worker's comp job classifcation codes they are important. I found that early on (6 yrs ago) they had my techs under "MOVERS" classification (VERY EXPENSIVE!!!! Back problems) I spoke with my agent and changed his (and the underwritter) mind. There is no proper classification for what we do. My techs are now classified (More correctly) as small appliance/office machine repair (Code 5191). When you talk to your insurance person they hear fitness equipment and think WEIGHTS, remind them that 80 to 90% (or more) of your business in Cardio (ELECTRONIC REPAIRS!!!!!). This alone saved me quite a bit.
This year 3 months before my policies were due, I faxed bid qoutes out to 8 agents, telling them what coverages I wanted and let them provide me with qoutes. Not all responded but I did get lower rates!
Hope I gave you a place to start, if not ask again!!!!!!!!