Insurance Rates Going Down?? - Business - Contractor Talk

Insurance Rates Going Down??

 
Thread Tools Search this Thread Display Modes
Old 04-06-2011, 08:20 PM   #1
Pro
 
rescraft's Avatar
 
Trade: residential remodeling/construction
Join Date: Nov 2007
Posts: 960
Rewards Points: 2,037

Insurance Rates Going Down??


Got this email this afternoon. Anybody's agent relayed this info to you yet? Can't remember when my rates ever went down.
"There have been many changes in the Construction Insurance Industry since we last spoke. Due to a slowdown in the California construction market many construction companies have gone out of business or their gross receipts have dramatically reduced compared to previous years. Commercial Insurance companies have been frantically trying to replace this lost business.
Right now is the best time to purchase insurance. We have been seeing insurance companies cut rates as much as 50% compared to last year’s pricing. These companies are hungry and they want your business. New carriers are entering the market each month leading to a price war.
Whether it’s General Liability Insurance, Commercial Auto, Workers Comp or any other type of insurance that you would need as a contractor, we could potentially save you HUGE AMOUNTS OF MONEY!!!!!!
Take advantage of the insurance companies in this “slow down economy.”You and I both know they have always charged an “arm and a leg” in the past. Now is the time to pull the trigger.
Call us today to see how much prices have dropped!!! Even if you have a policy in force and it doesn’t expire for several months, why wait to save money?"
rescraft is offline  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 04-08-2011, 06:17 AM   #2
JimmyS
 
jimmys's Avatar
 
Trade: General contractor
Join Date: May 2009
Location: Mass
Posts: 224
Rewards Points: 150

Re: Insurance Rates Going Down??


Quote:
Originally Posted by rescraft View Post
Whether it’s General Liability Insurance, Commercial Auto, Workers Comp or any other type of insurance that you would need as a contractor, we could potentially save you HUGE AMOUNTS OF MONEY!!!!!!
Take advantage of the insurance companies in this “slow down economy.”You and I both know they have always charged an “arm and a leg” in the past. Now is the time to pull the trigger.
The tone of this email doesn't sound like an insurance agent, sounds like a huckster. Any time you can save $ without risk it's worth looking in to, though. My health ins. actually went down a little this period, odd.
Jim

Advertisement

jimmys is offline  
Old 01-04-2012, 01:22 PM   #3
New Guy
 
TarahGruber's Avatar
 
Trade: Contractors Insurance
Join Date: Jan 2012
Location: San Diego, CA
Posts: 25
Rewards Points: 10

Re: Insurance Rates Going Down??


Quote:
Originally Posted by rescraft View Post
Got this email this afternoon. Anybody's agent relayed this info to you yet? Can't remember when my rates ever went down.
"There have been many changes in the Construction Insurance Industry since we last spoke. Due to a slowdown in the California construction market many construction companies have gone out of business or their gross receipts have dramatically reduced compared to previous years. Commercial Insurance companies have been frantically trying to replace this lost business.
Right now is the best time to purchase insurance. We have been seeing insurance companies cut rates as much as 50% compared to last year’s pricing. These companies are hungry and they want your business. New carriers are entering the market each month leading to a price war.
Whether it’s General Liability Insurance, Commercial Auto, Workers Comp or any other type of insurance that you would need as a contractor, we could potentially save you HUGE AMOUNTS OF MONEY!!!!!!
Take advantage of the insurance companies in this “slow down economy.”You and I both know they have always charged an “arm and a leg” in the past. Now is the time to pull the trigger.
Call us today to see how much prices have dropped!!! Even if you have a policy in force and it doesn’t expire for several months, why wait to save money?"
It is true that insurance rates have gone down over the last couple of years due to the fact that the insurance industry is in a soft market. Insurance stays on a pretty steady cycle of soft market to hard market about every 8-10 years. If you remember back in 2003 and 2004, rates in California were really high and underwriting was pretty tough as well. The fact that we're in a soft market has nothing to do with the "slow down economy" though. Also, there are so many other factors. The soft market may or may not even effect you. For example, if you are an owner-only painting operation, your annual cost of insurance will probably not be that much more or less than it was 10 years ago. But if you are a larger construction company, your best bet is to make sure your broker is shopping the whole market for you every year. Make them present you with at least three quotes to prove that they've done their work.
__________________
Tarah Gruber
TarahGruber is offline  
Sponsored Links
Advertisement
 
Old 01-04-2012, 01:33 PM   #4
Superior Firepower
 
skyhook's Avatar
 
Trade: GC HVAC/R Lic. since 1985
Join Date: Mar 2007
Location: 3,077' above sea level
Posts: 5,089
Rewards Points: 3,880
Question

Re: Insurance Rates Going Down??


Quote:
Originally Posted by TarahGruber View Post
The fact that we're in a soft market has nothing to do with the "slow down economy" .
How did the market get soft in the first place.? Supply and demand.
Work is slow, who needs a million dollar G/L policy if they are sitting at home.?
skyhook is offline  
Old 01-04-2012, 02:10 PM   #5
New Guy
 
TarahGruber's Avatar
 
Trade: Contractors Insurance
Join Date: Jan 2012
Location: San Diego, CA
Posts: 25
Rewards Points: 10

Re: Insurance Rates Going Down??


Quote:
Originally Posted by skyhook View Post
How did the market get soft in the first place.? Supply and demand.
Work is slow, who needs a million dollar G/L policy if they are sitting at home.?
The soft and hard market is a continuing trend in the insurance industry. It been going on for over 60 years. The market will get hard again eventually. I agree though. I wouldn't buy a policy either if I wasn't working. It really depends on the type of liability policy that you've had in the past to determine if you should keep it going even when you are not working.
__________________
Tarah Gruber
TarahGruber is offline  
The Following User Says Thank You to TarahGruber For This Useful Post:
skyhook (01-05-2012)
Old 01-05-2012, 09:00 PM   #6
Superior Firepower
 
skyhook's Avatar
 
Trade: GC HVAC/R Lic. since 1985
Join Date: Mar 2007
Location: 3,077' above sea level
Posts: 5,089
Rewards Points: 3,880

Re: Insurance Rates Going Down??


Quote:
Originally Posted by TarahGruber View Post
The soft and hard market is a continuing trend in the insurance industry. It been going on for over 60 years. The market will get hard again eventually. I agree though. I wouldn't buy a policy either if I wasn't working. It really depends on the type of liability policy that you've had in the past to determine if you should keep it going even when you are not working.
My General Liability policy rate fluctuates, based on the gross sales from the year before. During years when I'm running $2.5 million, the G/L policy is $8,000 annually. The hard numbers get lower every year we go without a claim.
skyhook is offline  
Old 01-05-2012, 09:15 PM   #7
I like Green things
 
WarnerConstInc.'s Avatar
 
Trade: Architectural Mill Work
Join Date: Jan 2008
Location: In a van, down by the river. Auburn, IN
Posts: 22,943
Rewards Points: 5,860

Re: Insurance Rates Going Down??


Good, I like a nice hard market.

Advertisement

__________________
Warner Mill Works
Facebook
YouTube
WarnerConstInc. is offline  


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Don't read this is you are easily depressed! Mike Finley Business 57 03-21-2012 08:15 PM
GL roofing insurance in Texas toad5555 Roofing 12 03-16-2012 09:18 AM
If a subcontractor has no insurance is the contractor on the hook for a claim kuff99 Business 41 01-15-2011 11:59 PM
Homeowner insurance 1mancrew Roofing 6 02-20-2009 08:42 PM
Average Insurance Rates frisco84 Roofing 21 10-16-2007 09:41 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?