General Liability Insurance Rates Raised?

[treehead32]

We just received the new rates for our GL renewal and it tripled. We have never had a claim, no significant changes and the agent said it is because the insurance companies are trying to recoup from all of the storm damage claims.

Anyone else seen a significant increase for your renewals? We have employees, not subcontractors. Workers comp policy is through a separate company, same thing...no claims.

Thanks

 

[oldoakman]

Good for you in the no claims department. It sucks though that consciencious employers like you have to pay for Mother Nature's tantrums. Ought to be the claimant or the insurance companies need to do a better job anticipating weather events. What do they do in the case of wildfires, increase premiums of match manufacturing companies?

 

[lacky]

I have not seen in a spike in mine but my current policy doesnt' expire until august. I would go out and do a little shopping and see if there is a better deal out there.

Chris

 

[MikePowers321]

I am about to get liability insurance next week. I don't like hearing these things. I thought insurance companies were supposed to help us! Wishful thinking huh?

 

[oldoakman]

I am about to get liability insurance next week. I don't like hearing these things. I thought insurance companies were supposed to help us! Wishful thinking huh?

They help us alright, they help us separate our money from our bank accounts!

 

[MikePowers321]

so they get a lot of storm damage claims and their rates triple? That just doesn't make any sense at all to me. You would think insurance companies have the unforeseeable at least relatively covered. Isn't that the whole purpose?

 

[JontreeHI]

They should get insurance that covers the unforeseeable

 

[MikePowers321]

They should get insurance that covers the unforeseeable

You're kind of on to something! I always said that I wouldn't be surprised if there comes a day where we take on insurance policies for our insurance policies...Just to make sure we're "safe"

 

[LandonPainter]

I also live in Colorado and I had a 45% increase in insurance cost from last year. Same coverage, No claims either. It's too bad that insurance is a money making business.

 

[RoyalTree]

Renewal of our GL two weeks ago was a little bit more than double from last year.

 

[BuckmasterTreeService]

I renewed in January and had a 10% increase. I am in oklahoma

 

[treehumper]

Insurance companies do have insurance. It's called reinsurance. http://www.investopedia.com/articles/pf/08/reinsurance.asp

As for the tripling of your rates and the explanation, I'd see that as a huge red flag. Reading this article put out by Liberty Mutual seems to counter what you're being told. http://www.riskandinsurance.com/2015-general-liability-renewal-outlook/

Don't accept it at face value. Shop your business to see what's happening out there.

 

[RoyalTree]

We do have one open claim. Our first in ten years.

 

[NickfromWI]

Tripling?

Shop around.


love
nick

 

[southsoundtree]

Stratum in CA, serves 48-49 states, I think. One exception was on the east coast.

 

[Thillmaine]

stratum hasnt returned my calls...maybe im in that east coast state? ny

 

[Reed2179]

Just renewed policy. GL was quoted at a 70% increase from the company we had (Sparta), found it for only a 40% increase (Hartford). My agent said it was because of pesticide spraying. WC is its usual 15-20% increase like health.

 

[treehumper]

So the increase was due to you going into PHC?

 

[treehead32]

Just renewed policy. GL was quoted at a 70% increase from the company we had (Sparta), found it for only a 40% increase (Hartford). My agent said it was because of pesticide spraying. WC is its usual 15-20% increase like health.

What's your workers comp rate? Is california really 50%? Ours was 15.6% last year and went up to 17.9% this year because of "claims in all industries."

I know they obviously need to make money, but it sucks that companies without claims have still have increases.

 

[Lumberjack]

Mississippi Worker's Comp is at 58%, last time I checked.