Insurance cost increase......vent!

[Mandelon]

Mother F-ing F-ers!! My general liability policy came back from the "cleaners" today. F-ing company want to rape me for $31,000 a year. :mad: This is a 350% increase!!
This is for a General Contractor with HOA Home Owners Associations included. $2,000,000 of insurance. We have 10 employees and do about a million $$ a year.
Add our Workers' Comp, vehicle and some medical in there and I am paying around $6,000 a month for something I hope to never need!! :mad: burningm
Construction companies are going to end up in two camps, cheap and uninsured, and expensive, but with insurance. Don't be surprised when you guys try to get some estimates. The prices will make you sick.
:mad: :mad: :mad:

[Ziggy]

Mandelon:
Mother F-ing F-ers!! My general liability policy came back from the "cleaners" today. F-ing company want to rape me for $31,000 a year. :mad: This is a 350% increase!!
This is for a General Contractor with HOA Home Owners Associations included. $2,000,000 of insurance. We have 10 employees and do about a million $$ a year.
Add our Workers' Comp, vehicle and some medical in there and I am paying around $6,000 a month for something I hope to never need!! :mad: burningm
Construction companies are going to end up in two camps, cheap and uninsured, and expensive, but with insurance. Don't be surprised when you guys try to get some estimates. The prices will make you sick.
: I hear ya on that dude...My GL for my small store is double yours plus all the other crap....they blamed it all on 9-11. burningm burningm burningm
They just found a excuse to raise it so high..its all BS.

[257]

ziggy,
have you looked into workers comp lately i have
been getting calls from every insurance agent
out there all they want to do is rape you and
if you file a claim your done we need to start
a first aid center we would make a fortune
rick

[77charger]

I am a hot mopper and contractors always wonder why we now charge more now than we did a year ago ins has gone way up and now we have to pass the cost on down.Blame it on attorneys!!! :mad:

[Ziggy]

I take in the ass there too. Its out of control the past year or so. I mean, its always seemed high but it just went balistic this past renewal, and thats with no claims, or at least nothing substantial. :confused:
Bummer part is we have to pass along the cost somewhere and ultimately its the customers.
[ April 11, 2003, 07:27 PM: Message edited by: Ziggy ]

[HBjet]

Sorry to hear that.... For a minute, I thought this was another Cats & Tunnels thread!
HBjet

[Seadog]

The poor insurance executives need to make up for the millions they loss when their high risk stocks tanked.

[MUDXPRT]

I hear what you guy's are saying, I'm a concrete contractor my Gereral Liability went from $8,000.00 to $24,000 and worker's comp. went up about 80%. You just can't put yourself in a position to be bidding against people without insurance. You have to keep a constant eye on your variable costs and overhead or you'll be in trouble before you know it. I'd hate to be someone new trying to get into the construction business. (You better have a good capital)

[mike37]

im just starting out my comp and GL are unreal
no wunder housing prices are so hi

[Ziggy]

All the insurances just chap my hide.
I guess Mandolin feels better after venting..no more comments from him ..hehe:rolleyes:

[NOCTURNAL]

OUR NEW WORKERS COMP POLICY CAME IN TODAY AND IT WENT FROM 17.33% TO 24.79%. FOR EVERY DOLLAR I PAY MY PLUMBERS I HAVE TO PAY NEARLY 25 CENTS TO INSURANCE? I GUESS I WILL JUST TELL THEM THEY ALL GOT RAISES, BUT WILL NEVER SEE A PENNY OF IT. "NO FAULT" INSURANCE SEEMS LIKE IT IS MY FAULT THE WAY I PAY.

[Super D]

I hear ya, brothers! I've been selling PEO (employee leasing) services for almost 3 years and there's NO WAY to get cheap comp anymore! We can still do comp with no deposit, tho, if anyone is interested, email or call me 949-413-0624 (spam). Just getting a freakin' quote from State Fund takes up to 45 days! If you're "clean" (sit in an office all day), then no prob. But if you use your hands to work - forget it! Move to Arizona! Write a letter to Davis and Garamendi!
Good Luck,
David

[Mandelon]

Well at least the misery is spread all over! :rolleyes:
We've never had a liability claim. They just get my money for nothing! burningm
Workers comp varies per employee. New workers are so expensive, a Carpenter is like 45 cents on the dollar...and a roofer, last one I read for a low paid guy was like 90 cents on the dollar????? That's crazy.
Supposedly this is only going to last a few years. Once the companies that quit writing policies here see how much $$$ they could be getting they'll be back and open up some competition. Yeah, we'll see. It will be like gas prices....where we now think $1.95 is good deal. :confused: burningm

[Mohavekid]

I'll probably be flamed to no end for posting on this, but here goes.
I'm in the insurance claims business. Cost for insurance have skyrocked because the payouts have skyrocketed. The plaintiff attorneys are always pushing and finding new types of claims to make which all cost the insurer more to pay or defend. Costs to repairs cars, houses and other items are all going up. I won't even go into outrageous $$$ involved if you get into defending a lawsuit.
The point is, you purchase insurance to protect you from the risk of loss or claims against you. Most people can't pay these loses themselves and that's why they have insurance. The law also requires it because most people cannot pay the claims against them.
Yes, insurers are in business to make money, just like the rest of you. As an insider I see the millions and millions of $$$ paid every year. Most of the time the cost of one claim exeeds the premium paid by that insured for the year.
One last litle tidbit, insurers are rated on a number of financial results, one of the most basic but most telling is the combined ratio. This ratio is total premium earned compared to expenses and claims paid. Most insurers consider it a good year if they turn in a combined ratio of 105% or under. A 105% means that they paid out $1.05 for every $1.00 taken in. The insurers for the most part make their money by investing the premium dollars over the course of the year.
Sorry for the long reply, I just thought I would share a insiders point of view. That being said, my own rates have gone up too, and it pisses me off.
eek!