My Insurance is up for renewal in April. the quate from my current Insurance Provider is triple the cost I was previously paying. My equipment insurance is based on what I paid for it 10 years ago. Its certianly not worth that now. I'm considering dropping the Equipment Insurance and just going with Iiability Insurance. What are others experiencing?
My equipment premium also tripled. I took all my old and now low-value gear off the schedule, and that brought the premium down some.
Triple-yikes! I'd recommend using a local commercial insurance broker, which is what I did in the past. She took care of professional liability, general liability, worker's comp and inland marine (equipment) insurance and (most importantly) had the know-how and leverage to get the best rates and shop around if some company thought they suddenly needed to triple their rates.
Insurance has changed over teh last 10 years. We are now at a point where we must shop diligently when it is renewal time - and we are usually under locked in premiums for 3 years. At the end of teh 3 years, the last 2 times they quotes rates 3 times higher as well. We shopped and got things back down to where it should be.
Mine is coming due in May, fingers crossed for a favorable premium!
SHG
Jim Frame, post: 418331, member: 10 wrote: My equipment premium also tripled.
I began to wonder if I had remembered this correctly, and upon checking discovered that I was mistaken. What I was remembering was when my general liability went from about $600 to about $1530 in one year. That jump occurred in 2015 when the company I had been with decided to get out the California market, and I had to change carriers.
What happened this year is that the quoted premium went from $1529 to $1724, and that's when I started pulling old equipment off the schedule, leaving only the more recent high-dollar stuff. That got the premium down to $1315.
So basically, never mind. 🙂