Finding Shop Insurance


From original questioner:

I've been in my current location for 3 yrs, been in business for more than 30. My Insurance company raised my rates on my building 52% last month, I have never had a claim, never missed a payment. Their reasoning is that they have reassessed the woodworking business and rates are being raised across the board. After talking to the agent she said they are probably going to raise them again. obviously it's time for me to change companies. Does anybody have suggestions or point me in a direction? thankyou

From contributor Mi

Federated insurance has plans specific to our industry and have been great to work with. They also support the CMA..

From contributor Pa

Your agent should have told you that she is looking at other companies. If not, find another agent, immediately. You might also be getting calls from agents who know that your renewal is coming up - that's what happens to me every November. In any case, it's time to start shopping around.

From contributor Al

CNA has a good program

From contributor Gr

I need to add, My shop is approx 3000 square ft. in 2013 I had my 3rd stroke. I have decided to liquidate and close the shop. after raising my rates 52% I told my agent that I was going to sell my business and everything in my building. She replied that because of this liquidation, and due to the fact that I wouldn't be at the shop everyday they would raise my rates again, above the 52% they just raised it.
She said she found no other insurance company that would insure my building while I do this.
She is a broker and said she tried multiple companies.
It might be time to find a new broker.
Once again I have never had a claim and always paid my premium.
at 61 I sure am sick of the insurance industry

From contributor Al

Are you liquidating your equipment or making an orderly disposition of assets you no longer need while you wind down your business?
How are you showing the assets, what protects the insurance company from extra risk during the sales process?

It seems like they don't want to have you decide you are going to "sell" the equipment to the insurance company in a "fire" or "theft".

Liquidation implies the immediate need for cash selling at whatever is offered. Disposition is selling at market value.

From contributor Bo

Try Pennsylvania Lumbering Co. I have used them for the past 6 years.

From contributor Je

I'm confused by your post, your closing your business and liquidating your shop, so why do you need it to be insured as a woodworking operation? I'm assuming you own this building, so I would think you just finish the liquidation and it no longer needs to be insured as containing a woodworking operation? Then insure it for storage or whatever use it's going to become down the road.

good luck,

From contributor ca

call Federated Insurance. Or, find another agent

From contributor Je

Both my Worker's Compensation and General Liability/Casualty insurance are with Erie Insurance group. I've had them the past 8 years, and my base premiums have decreased (only a few dollars) each year due to the "experience" modifier and no claims.

1 million liability, and $250K business property runs me about $1100 per year. Worker's Comp is 4.12% (furniture manufacturing class).


From contributor Je

Try Pennsylvania Lumbermans and Indiana Lumbermans. Both industry specific insurers. I know unoccupied buildings can be uninsurable. Good luck.