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Does anyone have any experience with the company Preferred Contractors Insurance Co for general liability insurance? I recently got incorporated as a general contractor, and have received several quotes for general liability insurance. PCIC is by far the lowest priced quote I've received. They have a B- rating, which I know is not great. I've been in commercial construction for over 15 years, and still am, just starting this new business with a partner to do residential remodeling (basements, kitchens, baths, etc.). The quotes I've received from higher rated insurance companies (A to A++) are significantly more expensive, most are over double the cost compared to the quote I received from PCIC. We will be the GC, but will not self perform much of the work, we will design, subcontract and manage the work. This makes the rates higher compared to self performing contractors such as carpentry contractors, as the insurance company is taking on more of a risk for a GC. In commercial construction, the rating is very important and you need to have an A+ rated insurance company for many public projects. I'm not sure how important the insurance company rating is though for residential. We're in Illinois, and most of the local city building departments in our area don't even require a copy of the GC's insurance for the permit process. Obviously it's better to have a higher rated insurance company, but not sure if it's worth paying double the cost for that rating. Does anyone use PCIC, and if so do you like their service? Specifically wondering if anyone has them and has had to make a claim how were they to deal with? Any feedback is appreciated. Thanks.
 

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Does anyone have any experience with the company Preferred Contractors Insurance Co for general liability insurance? I recently got incorporated as a general contractor, and have received several quotes for general liability insurance. PCIC is by far the lowest priced quote I've received. They have a B- rating, which I know is not great. I've been in commercial construction for over 15 years, and still am, just starting this new business with a partner to do residential remodeling (basements, kitchens, baths, etc.). The quotes I've received from higher rated insurance companies (A to A++) are significantly more expensive, most are over double the cost compared to the quote I received from PCIC. We will be the GC, but will not self perform much of the work, we will design, subcontract and manage the work. This makes the rates higher compared to self performing contractors such as carpentry contractors, as the insurance company is taking on more of a risk for a GC. In commercial construction, the rating is very important and you need to have an A+ rated insurance company for many public projects. I'm not sure how important the insurance company rating is though for residential. We're in Illinois, and most of the local city building departments in our area don't even require a copy of the GC's insurance for the permit process. Obviously it's better to have a higher rated insurance company, but not sure if it's worth paying double the cost for that rating. Does anyone use PCIC, and if so do you like their service? Specifically wondering if anyone has them and has had to make a claim how were they to deal with? Any feedback is appreciated. Thanks.
They’re cheep because it’s not insurance, it’s a risk retention group. Find a real broker who can explain it. you get what you pay for.
 
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