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GSPHUNTER
01-28-2011, 10:46 AM
Hey guys I submitted a bid with a local university. Obviously being a university they want all documents for insurance and such. My question is do you guys ever change policy limits to appease a particular customer. They want mine raised on my Work Comp policy. Anyone who carries WC already knows that it's outrageous as it is. Just wondering if anyone has ever made changes for customers requesting higher limits.

The work over the next year probably totals up to about $15k-$16k with a couple small walls and a maintenance package. Just thought this might influence some decisions?

AI Inc
01-28-2011, 11:21 AM
Comp is comp, dosnt have limits. Im thinking they want a higher liability amount.

bohiaa
01-28-2011, 12:43 PM
Yes Some places will want you to raise your limits on WC. We had an appartment complex try this on us....

Remember to raise your price accordingly

GSPHUNTER
01-28-2011, 02:30 PM
Talked the insurance agent this morning after I posted this and they got back to me already. It's only going to cost about another $100/year to bump it from $100k to $500k limits.

When you figure that as a % of what comp already costs, it's nothing really. Already got them a new certificate showing the new limits.

God it's almost sickening thinking about what insurance cost per year when you ad all of them up. GL, Commercial Auto, Work Comp, Equipment coverage, Rental Equipment Coverage, Shop Insurance....:dizzy:

AI Inc
01-28-2011, 03:04 PM
Dont forget the big daddy of em all. Unemployment ins.

Frue
01-28-2011, 03:13 PM
yes, there are some people who want comp rates at a million instead of 500k. and yes I do raise the amounts. 9 out of 10 guys do not carry the correct coverage so in knowing that you could keep the job longer. But if you are underinsured say only a 100k on your comp well the average comp is 500k. So you would gain no keeper of the job advantage.

bohiaa
01-28-2011, 04:08 PM
Talked the insurance agent this morning after I posted this and they got back to me already. It's only going to cost about another $100/year to bump it from $100k to $500k limits.

When you figure that as a % of what comp already costs, it's nothing really. Already got them a new certificate showing the new limits.

God it's almost sickening thinking about what insurance cost per year when you ad all of them up. GL, Commercial Auto, Work Comp, Equipment coverage, Rental Equipment Coverage, Shop Insurance....:dizzy:

I know right.... the next time you hear of someone SCREWING an insurance company, Turn them in.

That's YOUR MONEY MAN.......