Maybe its time to shop for a better rate?
RANT ON:
Our General Liability Insurance adjusted bill just came. Our policy was $18,139 for the fiscal year based on last year's income. Well with the foreclosure boom our volume has gone up...and once we had the audit complete I received a final audit endorsement... a bill, essentially.
The additional premium is $14,827. :sqeyes: They are so nice about it too, "Pay no later than 9/21/07 or the company will send the accoutn for Direct Collection".....
Nice huh? No disputing it, we owe the money, but it'd be nice to have 30 days... sheesh.
Volume went from about $800K to over $1.5M... So when you wonder why the licensed and insured contractors cost more than you neighbor......here's a big part of it. $32966 a year for liability. Not to mention the $2500 a month additional for Workers comp!
RANT OFF.
We've made a couple claims over the years, some crazy tenant sued us and a bunch of other contractors and managers, and the insurance co paid $16,000 to the attorneys and another $7500 settlement. We've had a few workers comp claims too.
Maybe its time to shop for a better rate?
WOW.....$33k/year for insurance....I thought you bought a 32' DCB.
RTJas
Maybe so.....
I don't even want to get started on this rant Rich... I have built, to date, five boats, four of which are on the water. One of which I own. I have netted zero profit for the five years in business and my liability insurance cost me over $33,000 this year. Workmans comp is another whole can of worms and cost me about $32K last year and will be WAY higher this year.
I am also in construction. I just got the same notice. Send us a check for an additional $17,000.00! My liability is now around $40,000.00 a year and I have never had a claim. :devil:
I'm also in construction, and I sure as hell don't want to know what my employer pays.
I figured it out last year... I had to work 13 days a month before I saw dime one. I really don't want to know what its going to be like this year.
The you have 1 week to pay up is crap, I would let them know how you feel about it and be shoping around.
3 claims in 11 years and it's about 80k a year. You know what a sick boat I could have with an 80k a year allowance?
I'm going to start a hot dog cart outside home depot and sell tamales for a nickle and never take my cart in for health department inspections because I'll be nailing Mayor Villa LaRasa right in his shithole. It's going to be so fun.
the nice part is your agent gets a nice little cut off the top boys! This is the pre Fed rate cut price increase...$80 bbl oil, $720 oz gold, and you'll be raising your prices soon enough!
Start lawyer season early and the rates will go the other way.
CC