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Another year has passed by and it's time to review my insurance... I'm hoping for some comparison to see if I should shop around or stay put.
Currently 1 1/2 person small shop in a rural setting. Building owned and insured for $120,000 at cost of $2900. Tools and materials insured for $174,000 at cost of $2900. Commercial general liability is $198 for wood product Mfg.
Paying an annual premium of $6000 each year always gets me fired up.
Are my costs similar? Where should I look for better prices?
That is about what I pay here in GA. $1575 per quarter. Very close to same coverage limits too. My coverage went up almost $300 per quarter last year. I hate to see what it will do in another year when it comes up for renewal. I have never made a claim either.
Central Indiana - I pay about 1800/qtr for 2 man shop, similar valuations. Includes Worker's Comp and fully insured pickup truck. We deliver, but do not install. No finishing.
WC is about $2880/yr, $4,300 on building/contents/WIP/goods in transport/rental trucks/$1,000,000 liability.
I always feel it is too expensive, but when I do shop, I see the same everywhere else.
I pay $1200/yr for $1 million in general liability and $200k in business property (non real estate). My carrier is Eris Insurance, and they beat every other carrier that quoted by more than half!