NSPS Promoted Insurance Company?

I recently started my own business (an LLC), and as expected, I needed professional insurance. I also financed new equipment and, as a condition of the loan, was required to obtain an Inland Marine policy to cover potential loss or damage to the equipment before it is paid off. This coverage will remain in place even after the loan is satisfied.

I contacted three different insurance agencies, including one whose literature I picked up at a state survey convention. That company and Assurance Risk Managers (ARM) responded immediately, while the third agency responded much later and appeared somewhat clueless. The other responsive company struggled with the fact that I had no prior revenue history, since I was just starting my business. This was not an issue with ARM.

I was contacted directly by an ARM insurance agent who answered all of my questions and even provided a personal cell number so I could discuss coverage after hours. Based on my experience so far, I would absolutely recommend Assurance Risk Managers.

My local agent set me up with Hanover. Pleased with the service from them. 

Posted by: @cv

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Assurance Risk Managers (ARM) responded immediately

I've  been using ARM as my broker for many years now, both for general liability, inland marine, and professional liability.  The first two are covered by RLI Insurance Company, the latter by Hanover.  The service I've received from ARM has been excellent.

Nice.  Did you find their prices to be competitive?

Posted by: @bstrand

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Did you find their prices to be competitive?

It's been years since I compared premiums, but last time I did they were in same ballpark.

One thing to note about insurance companies:  in general, they reward loyalty (or, put another way, they penalize infidelity).  If you switch carriers every year to save $50, you'll get coverage, sure, but if you have a claim you'll also likely get non-renewed or a big premium increase next time around.  Stick with the same company and they'll treat a claim a lot more favorably.

Years a go a colleague told me about a sizeable claim they filed with their E&O carrier for a construction staking screwup.  The adjuster told him that the company compares how much money they've made on his policies versus how much the claim is going to cost, and makes renewal and rating decisions based on that comparison.  Jump ship every year and that comparison isn't going to look very good.

Last year my agent told me that my 10+ year history with Hanover makes me eligible for a significant discount on a tail policy when I decide to retire.  That's another point in favor of staying put.

Are these guys even still in business?  I emailed them a few weeks ago and no response.  Called them and left a message a few days ago and no response to that either.

Still in business, as I just recently renewed my policies.  Here are the two folks I deal with most:

Brian Anderson <[email protected]>

Maribeth Sugg <[email protected]>