"business" Liability Insurance

[Frank Bertrand]

I've been carrying business liability insurance for the last five years quite reasonably, about $138 a year. This is the liability insurance that protects you if turn on the subject's furnance and it blows up or if you trip on a rug and wipe out some priceless object'd art etc.

Now, I get a renewal notice that my bill is now raised to the "minimum" fee the insurer writes of $500. No new or increased coverage, just that they raised it to cover their "underwriting" costs.

Can anyone reccomend a good insurance carrier on this that could be more responsible to their clients? thanks.

 

[Pat Butler]

I have an American Family Business policy with liability coverage (can't remember the amount right now) as well as $50,000 in personal property coverage (fills in the gap above our homeowner's policy amount) for $250 per year. That's their minimum premium amount too. I've jumped between different agents but have otherwise been happy with the company.

Incidently, with a minimum premium it's useful to note the maximum amount of coverage you can get for that minimum premium amount. I've had some policies in the past where I requested a certain amount of insurance that fell under their minimum premium. So I pay the minimum premium no matter what. But I found out later that I could have gotten a higher coverage amount for the same minimum premium! That's one reason why I switched agents one time. I think I got another $250K worth of coverage for the same amount.

 

[Jeff Horton]

I ran into the same thing. As a Home Inspector I am required to carry this by the state. My premium went from around 250 to over !k this year. And I did shop around too.

 

[Mike Garrett RAA]

Just renewed mine and the cost was $198 through State Farm for $500,000 policy. The agent also told me the coverage was increased to include digital cameras and electronic measuring devices (Disto).

 

[Jeff Horton]

Huh? :blink:

I think your talking about something other than a Liabilty policy Mike. Or am I the one missing something?

 

[Mike Garrett RAA]

Nope, my liability policy also covers my office equipment too! It is a complete comprehensive business policy.