General Liability insurance?
How much will General liability insurance cost for my company? We have been incorporated for 2 years, next to no claims against us. We are a parking revenue and security company. I have call dozens of brokers. i just need a globe park so I can tell if i am being ripped past its sell-by date. We have insurance now but discern it may be to high. Please advise
Answers:
There are just too many variables for "a ballpark" numeral. Do some research, find a good agent in your nouns and to talk to him or her. Ask other businesses who they use, ask the local chamber of commerce for a recommendation. A business wishes the protection of a trusted insurance professional just like they involve an attorney on retainer and a CPA. You want good coverage, not a cheap premium. The real rip-off will be when you own a claim that's not covered because the cheap agent cut corners to get your business!
EDIT-- I've worked as an underwriter- you can't give more than 30 days out because you own no idea what that rates will be. Especially these days, a company may establish they're not even going to write that particular line of business any more.
Try to see if you can find someone who can write you next to an ADMITTED CARRIER, and take them a copy of your current policy when you get inside 60-30 days of your renewal. You don't want to do anything mid-term anyway or you'll be "short-rated" and lose money in the process.
Dude, you give NO rating information. What's the square feet of teh parking area? How oodles slots? Valet? Gross revenues? Where is it located? Where are the security people stationed? Are they armed? 24 hour, or not? Location is CRUCIAL here.
If you enjoy dozens of quotes, you already KNOW what a fair price is. If you have none, bequeath them 21 days. And MOST underwriters REQUIRE at least a 45 day front time - at least for this type of risk, because they're going to want to loss control it!! so whoever is telling you no quotes out more than 30 days, is blowing you rotten.
For a ballpark. Depending on all the factors you didn't mention, anywhere from $2,000 to $100,000 or even highly developed.
Quite honestly, the rates change widely from business to business. If you've already shopped around across a dozen places or so odds are you're seeing a very moral representation of the average rates for your particular industry and location.
If it's at all productive, one of my friends owns a comic book shop and his liability insurance is very reasonable. However his brother owns one of those companies where on earth they turn human bodies into mannequins (like you see in those shows that roam the country) and his rates are simply astronomical. I find that a little more than ironic since the just people on his property are frozen solid and stored in boxes but that's a immensely complicated field for underwriting, I guess.
Related Questions:
Answers:
There are just too many variables for "a ballpark" numeral. Do some research, find a good agent in your nouns and to talk to him or her. Ask other businesses who they use, ask the local chamber of commerce for a recommendation. A business wishes the protection of a trusted insurance professional just like they involve an attorney on retainer and a CPA. You want good coverage, not a cheap premium. The real rip-off will be when you own a claim that's not covered because the cheap agent cut corners to get your business!
EDIT-- I've worked as an underwriter- you can't give more than 30 days out because you own no idea what that rates will be. Especially these days, a company may establish they're not even going to write that particular line of business any more.
Try to see if you can find someone who can write you next to an ADMITTED CARRIER, and take them a copy of your current policy when you get inside 60-30 days of your renewal. You don't want to do anything mid-term anyway or you'll be "short-rated" and lose money in the process.
Dude, you give NO rating information. What's the square feet of teh parking area? How oodles slots? Valet? Gross revenues? Where is it located? Where are the security people stationed? Are they armed? 24 hour, or not? Location is CRUCIAL here.
If you enjoy dozens of quotes, you already KNOW what a fair price is. If you have none, bequeath them 21 days. And MOST underwriters REQUIRE at least a 45 day front time - at least for this type of risk, because they're going to want to loss control it!! so whoever is telling you no quotes out more than 30 days, is blowing you rotten.
For a ballpark. Depending on all the factors you didn't mention, anywhere from $2,000 to $100,000 or even highly developed.
Quite honestly, the rates change widely from business to business. If you've already shopped around across a dozen places or so odds are you're seeing a very moral representation of the average rates for your particular industry and location.
If it's at all productive, one of my friends owns a comic book shop and his liability insurance is very reasonable. However his brother owns one of those companies where on earth they turn human bodies into mannequins (like you see in those shows that roam the country) and his rates are simply astronomical. I find that a little more than ironic since the just people on his property are frozen solid and stored in boxes but that's a immensely complicated field for underwriting, I guess.
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