Post a new topic
    5 Replies Latest reply on Mar 1, 2008 2:23 AM by mainstreetifs

    Is my insurance premium reasonable?

    cognitive77 Newbie
      I just got a quote for GL and Excess/Umbrella for our business. We provide Safety Consulting/Contractor Oversight as well as provide Union Millwright Labor (as well as the supervision).

      The quote I got for GL came in at:$7600
      The quote for Excess came in at: $4000

      This is with a forecast of $500,000 in revenue. Our business is incorporated in IL with the majority of our work being done in MO.

      Any feedback would be appreciated.
        • Re: Is my insurance premium reasonable?
          LUCKIEST Guide
          77, Is your insurance premium reasonable?? Good question.
          How long have you been in business?? You have a very unique business
          Provide services specifically to the Power Industry (Fossil, Nuclear and Hydro)Every business needs an Accountant, A Lawyer and an Insurance Agent,
          Have you spoken to OTHER agents??
          What was last years premium?? has anything changed??
            • Re: Is my insurance premium reasonable?
              cognitive77 Newbie
              We've been in business since August of 2006, but have over 37 years experience in this industry. It's because of our track record that our clients are looking to hire us on in the previously mentioned roles.

              I have spoken with several other agents, and either they never call me back, just plain give up and tell me it can't be done, or they try and put us down for the wrong class code for our work. The broker I received this quote from seems to truly understand what it is we do. However, the thing that makes me apprehensive is the fact that he sent me an email quoting roughly around $10k for a premium, and it was only after I had replied back with "Well my engineer co-workers (who don't work for us directly) have a policy thats a little less than $10K, and they pay approx. $3,700 per engineer.", did he give me a more specific quote you see above.

              BTW, we're also just a 3 person (all family) business. We're nowhere near pulling down six figure income seperately, and taking a $12,000 hit seems a bit steep. But then again, maybe its just me.