Business insurance, workers compensation

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Permalink Reply by Brent DeMesquita on July 2, 2008 at 6:52am

I would recommend you look at Allied Insurance Company, Demoines, IA 50391. They have all of those coverages at very reasonable prices. Obviously with the Workers Compensation your Experience Modification Factor will also impact the premium.

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Permalink Reply by Chris MacPherson on July 2, 2008 at 7:20am

Thanks Brent for the quick response. I'll check them out.

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Permalink Reply by Trisha Lee on July 2, 2008 at 7:34am

Chris,
I am a commercial insurance broker and dedicate my time to the foodservice space. Overall, we are seeing premiums decrease by 12 - 15% year over year and sometimes higher depending on where your premiums are today. If you would like more information, please feel free to contact me.

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Permalink Reply by Chris MacPherson on July 2, 2008 at 8:27am

Trisha, thanks for the response. How are you getting the most success with new business? Through website, direct mail, calling, etc? I'm working through social media, updating website, etc.

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Permalink Reply by Patrick Nolan on November 29, 2008 at 4:50am

Chris,
You are right, rates have been decreasing steadily since they last peaked. Commercial insurance rates in general have dropped 30-40% since the begining of 2004.

Insurers have been pursuing market share in their targeted classes but many in the industry believe we are going to see the market begin to harden. Restaurant owners would be wise to start reviewing what documented loss control measures they have in place. As the market hardens insurers will begin to be more selective in their underwriting practices, pricing will begin to increase, and coverage terms will begin to tighten. Those risk's who proactively manage their risk will be in the best position to receive the most competitive pricing and the best coverage terms available based on their loss histories.

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Permalink Reply by Chris MacPherson on February 6, 2009 at 4:19am

Patrick, thanks for reply. How are you seeing pricing these days? Market is supposed to harden but with the enconomy tanking it doesn't look like the industry can revert to their old ways of increasing premium to pull out the soft market.

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Permalink Reply by Marty R on February 23, 2009 at 9:52am

Are premiums still on the slide ? What companies are worth looking at? As the economy continues to implode where are the savings regarding insurance ?

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Permalink Reply by Chris MacPherson on February 23, 2009 at 10:03am

Marty, thanks for the question. Right now at our agency all companies we represent are still in play as far as premium being soft. The discussions in the industry point to a hardening of the market, premium increase, some time this year. Normally, at the end of a soft market, insurance companies immediately start to increase premiums to make up for previous decreases. This isn't a normal time. The economy has taken a nose dive and consumers can't afford to see increases in premium right now. Also, alot of the business has dried up due to companies that sought insurance going out of business, decreasing payroll, etc. Current best guess is for premiums to increase in the 4th quarter of this year. What this all means is that the consumer is still in the drivers seat. Hope this was helpful.

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