New INS. Company Saved Me BIG $$$$$

Discussion in 'Business Operations' started by Albery's Lawn & Tractor, Oct 19, 2007.

  1. Albery's Lawn & Tractor

    Albery's Lawn & Tractor LawnSite Bronze Member
    Posts: 1,674

    Well I got tired of our old Insurance company going up on my rates when I had never had a claim in the 5 years I had them. So today while waiting on a few storms to pass I got the phone book out and started calling around. The first 4 calls had even worse rates ($850 a year for $300K of Commercial Liability). But I decided to call my homeowners INS just to see what they could offer. With Farm Bureau I now have $1 Mil in Commercial Liability for ONLY $201 a YEAR with NO Deductable!!! Now I am a solo opp so that saves alot but I was paying nearly 4 times this for half the coverage. Sorry, just feels good to finally save money.
     
  2. Tim Wright

    Tim Wright LawnSite Bronze Member
    Posts: 1,034

    That does not sound right.

    Tim
     
  3. cpel2004

    cpel2004 LawnSite Bronze Member
    Posts: 1,415

    It almost sounds too good make sure you read you policy to make sure its apples to apples. Farm bureau offer great rates too bad they dont offer Commercial Liability here in S. FL
     
  4. Albery's Lawn & Tractor

    Albery's Lawn & Tractor LawnSite Bronze Member
    Posts: 1,674

    Thats what I thought too til he showed the paperwork and everything checked out. He said it helps some that I have 4 other Ins policies with them.
     
  5. Richard Martin

    Richard Martin LawnSite Fanatic
    Posts: 14,700

    They'll get the remainder of the policy premium next year after they do their first audit.
     
  6. NC Greenscaper

    NC Greenscaper LawnSite Senior Member
    Posts: 446

    Thats a real good price. My policy with FB is 450. for the same amount of Ins. I just had my ins. audit. My policy rate is based on my payrol.
     
  7. Albery's Lawn & Tractor

    Albery's Lawn & Tractor LawnSite Bronze Member
    Posts: 1,674

    Since I'm Solo my agent told be it would go by just the standard payroll of $17,500 until I get FULL-TIME employees. I am also under Lawn Maintance rather then Landscaping, even though it states in the policy that I am covered doing installs.
     
  8. richallseasons

    richallseasons LawnSite Senior Member
    Posts: 479

    be happy with the savings while you can, just as soon as you start making more money and you need employees that boost your payroll your new insurance is going to put their hand out and ask for more, more, more..........
     
  9. topsites

    topsites LawnSite Fanatic
    Posts: 21,653

    Could be a 6 month term as well.
     
  10. DreamtheGreen

    DreamtheGreen LawnSite Member
    Posts: 141

    Definately 6 months. Cux you should have a $1 mil coverage if your using zero turn riders. Better check into it. I tried going with a $500 coverage and 2 agencys told me No.
     

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