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  1. #1
    42yrs exp is offline Professional Member BM -bad email address
    Join Date
    May 2003
    Posts
    176
    You won't believe this, Well, maybe you will. In February of 2004 I went in my own business and got business insurance from State Farm Insurance company. They charged me $989.00 for $300,000 worth of coverage. They sent me the new bill, for the year and I almost fell over. They increased it to $1,750.00. about an 80 percent increase. Of course I'll have to find another company. Is this insane or what? Is the CEO getting a 20 million dollar bonus this year? Or is the person doing the billing going insane? I have been in the HVAC business many many years, and have never had an insurance claim while working for someone. Has anyone else had a problem like this. I do not have any employees. I work by myself and have one truck. What's up?

    Can someone please give me some input into this matter.

  2. #2
    I get 2 mil for about what you first paid, completed operations and all. State Farm and Allstate blow.
    Your agent needs to shop around for you. Try Westfield or Guard.
    Hey cockroach, don't bug me! ©

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  3. #3
    Join Date
    Jun 2004
    Location
    Howell, Michigan
    Posts
    16,181
    As litigious as people are these days, I would say you are underinsured. I would have nothing less than 1 million if I were you.

    Shop around.

    http://www.badfaithinsurance.org

  4. #4
    Also, if your first year total sales went up or you hired people or even listed subs it would drive it up as well.
    Hey cockroach, don't bug me! ©

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  5. #5
    Join Date
    Apr 2001
    Location
    Camel City, NC
    Posts
    6,233

    Ins.

    Ours is high here. 2 vehicale and 1 mil. is 2,400.
    Be safe not fast. body parts don't grow back

  6. #6
    42yrs exp is offline Professional Member BM -bad email address
    Join Date
    May 2003
    Posts
    176

    does not include truck

    The price I said did not include the truck.

  7. #7
    Join Date
    Apr 2001
    Location
    Camel City, NC
    Posts
    6,233
    Sorry, I wasn't paying attention again.
    Be safe not fast. body parts don't grow back

  8. #8
    Join Date
    Oct 2001
    Posts
    2,102
    This is their way of saying: “We don’t want to insure you anymore”.
    Did you have any claims or they simply want to stop providing business insurance all together.
    Many years ago I had car insurance with Metropolitan. Received bill for amount close to previous yearly premium. Sent them a check for this amount thinking that
    my policy was fully paid for that year. Guess what. After six months I have got another bill for the same amount. I never noticed that on the first invoice was written
    “semi-annual”. They wanted to quit auto coverage completely and everybody got big increase as an incentive to look for another company.

  9. #9
    42yrs exp is offline Professional Member BM -bad email address
    Join Date
    May 2003
    Posts
    176

    Sigma

    I think you are right. Raising the premium 80% tells me they do not want to insure me for one reason or another. The agent told me it was nothing I did, and that the increase was to cover their costs. I have never had a claim doing HVAC/R work. This increase is insane to me.

    You know what really pisses me off, they do not take into account your experience. As soon as I tell the agent I just started the business they don't want to insure me. even though I have over 42 years experience in the field. Some of them want me to buy all of my insurance from them first. By the way I pay the whole year at once with no claims and am having a hard time getting business insurance.

    I wish I knew what the hell is going on with these companies.

    [Edited by 42yrs exp on 12-15-2004 at 12:40 AM]

  10. #10
    Join Date
    Nov 2004
    Location
    Seattle Area
    Posts
    96

    Wink

    I work alone, have the word "boiler" in my business name and pay $1,450 per year on a $2,000,000 total umbrella policy, including 1 vehicle. I am in the Seattle area but my broker has me insured with Ohio Life and Casualty. I am pretty happy with my rates, check em out.

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