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insurance cost?

john_17
john_17 Member Posts: 1
in THE MAIN WALL
How much should a million dollar insurance policy cost me as a heating and ac contracter? I'm just starting in the business after being out of it for several years and the prices that I'm getting seem high? About four years ago I was paying 950.00 but now I'm told the same coverage is 1450.00. Does this seem in the ballpark? Also no claims were ever made againest me. Thanks.

Comments

  • John Felciano
    John Felciano Member Posts: 411
    $$$$$

    It doesn't seem to far off.Insurance rates have gone through the roof since 9-11.That and the low stock market have driven up prices.Ours went up 23% this past March.

    I don't remember seeing any decrease when times were good...go figure...

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  • Bryan_5
    Bryan_5 Member Posts: 270


    John,
    Premiums will vary by state, company, even different business in a class. A lot of companies are balking if someone has not had continuos coverage. Rates are based on payroll or sales. There are just a ton of different things that affect your rates. Rates have gone up drasticly over the last couple of years and will probably continue for a couple more. With that in mind find a good agent one that will be there when you need him. Make sure he has been around a while. And has a good reputation. You also want to make sure you are not his only contractor that he has insured. I could go on and on. Just remember insurance is just like your field cheaper is not always better.
    Bryan
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