My insurance is going up "more than 25%" How about you? Making changes?

Not sure this is the right forum, but it's the closest I could find on the home page....

I just got a letter from The Hartford saying the premium for my professional/biz insurance policy (for property/equipment and usual types of liability) will "increase more than 25%" and will also have some reductions and exclusions in coverage (e.g., virus, endocrine disruptors, PFAS). I'm still happy with our broker, but not happy with this pending cost increase (for me that's about US $500 or more). I have made no claims or anything.

Has anyone else faced or about to face similar increases this year (or last)?

If you have or will, what did/will you do?
Pay the increased prices?
Accept bigger deductibles or less coverage?
Something else?
Did you navigate the changes yourself or did you work with a broker or agent?


Thanks,

Jim
PS- I'm not looking for a new agent or broker right now.

I have not seen the large increase but do notice the incremental increase every year is like clockwork! More than my rates I also have The Hartford and did have a camera replaced about 6 years ago. It seems the equipment schedule is less important to them compared to the liability. I think it would be very dangerous to go naked so the cost is just a necessary evil.

Ya, I only saw very small increases over the years...and then I got this letter. It doesn't look like equipment, both owned and rented, is the cost driver here. And I can't take the risk of dropping liability, esp. And I need it for location permits if nothing else.

I'm with The Hartford and mine didn't go up at all. Interesting.

David Jimerson said:

I'm with The Hartford and mine didn't go up at all. Interesting.

Click to expand...

Huh. I got the notice just before my next quarterly payment... And *maybe it's my liability stuff. I'm on the road; hopefully I'll get some more insight when I'm back home and try to figure out what to do...

I saw something online recently regarding insurance that rang pretty true to me.

"Insurance is a scam, a transfer of wealth from poor to rich…who can absorb risk the poor and middle class can’t."

It's certainly an interesting thought.

There's a certain level of insurance as a business owner that I need to maintain to be compliant or do business with others.

But there may be something to be said for minimally insuring other components of my business (equipment, etc.) and banking those "extra" dollars every month in my own accounts to save for an equipment failure or replacement need, as opposed to sending those dollars to the insurance company.

And of course I insure my home, vehicles, etc.

This is a graph regarding home insurance claims, not business claims, but I seem to see more and more stories like this as time goes on.

So Jim, bumping this thread, as I just got my email from the same company. My price jumped over $100 - which is roughly 15% increase. I also have never filed a claim. Have both liability and equipment coverage, plus drone coverage. Wondering if you have a new underwriter for yours before I start calling around...??

Hey Mark, pretty much same boat here: No claims, "standard" coverage. Same underwriter. I'm about to pay the next quarterly fee. And look around; I like my broker (great for getting out idiosyncratic COIs), but I'd be happy to have good coverage for a lower price. I feel like I'm a pretty low risk and have proven it since I haven't made a claim ever (10+ years with the same broker and company, The Hartford).

Here's my basic coverage, for what was ~$1500/year and will now be ~$2000/year. In Northern California, mostly, though I do still travel a bit...

Yup - we have same policy - although you are carrying a lot more (more than double ) in personal property coverage than I am. And I also have 25k liability and drone coverage included in mine. Location must be highly involved in the pricing. I'm based in Indiana and pay less than double what you are paying.

I believe my "agent or local firm" switched me to The Hartford about 2 or 3 years ago - and they were much less than what I'd been previously paying. Again, no claims ever in over 20+ years of doing business.
COI's are easy via their web site. But I have totally opposite relationship with my broker / agent. Do not even know a person's name any longer to reach out to locally. And I've called and just left messages about the recent price increase - no confidence I will get a call back. Will likely need to shop around on my own. I suppose the "small" nature of my business makes the sharks swimming in the insurance pool look for meatier hooks.