Insurance Costs

[glsahl]

We had our worker's comp insurance cancelled this pst December.Owner signed a check for $250K to get coverage from another company.They sent a rep in to inspect our procedures,and found that we were following all recommended rules.All that's changed has been we now are required to wear hardhats,and safety vests at all times.
While I have no problem with this,it hardly seems like this will decrease the issues that our last provider used to cancel our coverage.
Those items include several back injuries,two of those seven,now face fraud charges.Several sprains,ankles,etc.,many of which never returned to work after filing claims.
The owner has retained an attorney to begin litigation against our previus provider,and indications are we have a promising case.
It seems to me that the lawyers,and insurance companies are in bed together,and they've discovered that they can make more money,via "conflict",and "change",than they can if "safe" companies are allowed to operate in the mannr that has served them well for a number of years.
Am I becoming a "conspiracy" nut?!

[earthwerks]

I had a similar conversation with a buddy who is very business-savy. His soution as a small business man is: Don't have anything in your name that a judge can award to someone else.

His theory is the ins. co's have learned that over a certain amount of time you are statistically bound to have a big costly accident. So ins. co's get scared and take off on us before their statistical number is up. They already have our money so it's Bye Bye! This is only one of many factors of which I have heard about but don't profess to know a lot about---anjd if I did I really get P.O'd. But I ascribe to Murphy's Law--anything that will go wrong, will--especially if you're not insured.

Also, insurance agents get a hold-back on our premiums in addition to a 10% commssion right off the top if we have no claims--that's the underwriter's "gift" to the agent for finding them no-risk customers. So when do I as the bread-and-butter for these sharks get my "gift"? I don't. Instead I get told we don't want you even if you haven't cost us a dime--sooner or later you will and we don't want to take that chance. Well isn't that s-p-e-c-i-a-l!!!!!!

[glsahl]

Personally,I think all insurance is a "racket".They want your money,"to protect you",and yet,if you need to use the policy,you've become a "risk" and they won't continue your coverage,or raise your premiums.

[cat320]

Personally,I think all insurance is a "racket".They want your money,"to protect you",and yet,if you need to use the policy,you've become a "risk" and they won't continue your coverage,or raise your premiums.


That prety much sums it up we work for insurance taxes and the people on welfare.