Insurance Company question

[DM22]

Needing to obtain new General Liability and Property (Equipment) Insurance. Or a Business Owners Plan (otherwise known as BOP). I am looking for insight and comments from anyone who has had experience with dealing direct with national companies such as NATIONWIDE or FARMERS (examples only!!) vs going through your local Independent Agent where they shop you out to a multitude of companies and then recommend the lowest for your needs.

In other words, are the BIG companies better or the Independent Companies you never heard of better for the HE Industry? Who is better WHEN you need them?

Please offer up names!!! Who is good, who to stay away from?

Sorry if this subject has been beaten to death in this Forum, but I did research it first but I did not find this subject addressed by anyo

 

[DM22]

WOW! 82 views and not one response!! I guess this subject is Taboo!!!

 

[Shenandoah]

DM, I have used my local guy for years for several reasons...A) They are priced competitively, B) I have a long term relationship with my insurance guy, and C) If the need arises I want my insurance guy to be there for me. I don't just want to be a number on a computer database where I get serviced by some flunky working his way up the ladder.

YMMV

 

[gravelwasher]

We use Farmers. We have liability, property, and a 10 million umbrella. Our liability and property are at state minimums and use the umbrella to cover every thing over the minimums (I found it much cheaper than having higher coverage on everything).

They have been great with the few dump truck accidents (not our fault). When I had a front end loader burn up it took them about 3 weeks to pay; mostly the fault of the appeaser they sent.

 

[DM22]

Thanks Shenandoah. I currently have a local, but was just investigating the bigger names.

We use Farmers. We have liability, property, and a 10 million umbrella. Our liability and property are at state minimums and use the umbrella to cover every thing over the minimums (I found it much cheaper than having higher coverage on everything).

They have been great with the few dump truck accidents (not our fault). When I had a front end loader burn up it took them about 3 weeks to pay; mostly the fault of the appeaser they sent.

Gravelwasher: Sounds like you guys have a B.O.P., (Business Owners Plan)? As I understand it, that is what is required to qualify for an Umbrella. PERHAPS you would know for sure.

 

[gravelwasher]

I do have a BOP. DM22 I do not know what is required for a umbrella policy.

 

[DM22]

I do have a BOP. DM22 I do not know what is required for a umbrella policy.

I will get my Agent to help with that one. Thanks again.

 

[JDOFMEMI]

I have had good prices and service from Farmers for the last 4 years or so. They treat me better than some of the other big names like Travelers, Chubb, and others specialising in construction related coverage. I don't know on the claims side, as I have not had any sice going with them.

 

[oldtanker]

OK, I was a licensed independent adjuster for a couple of years. Ever hear that you get what you pay for? That goes double with insurance. Sure there are some of the smaller companies that are good but many more that are not. It was always a pleasure dealing with companies like American Family, RAM Mutual/others and a nightmare with some of the other companies. Talk to your agent. Find out what companies he is trying to sell you on. Then look up that company on line. Don't look at what they say about themselves, look to see what customers are saying. Now some customers will post bad comments about a company that they tried to get over on and failed. So you can discount about 20% of the bad feed back. The first 5 claims I worked on 2 were fraud. One wound up in criminal court for arson (guy burnt down his own business) and the other the company didn't press charges. Guy tried to get paid for some old worn out stuff that wasn't damaged.

Rick

 

[IronworkerFXR]

All I know is 15 years no claims and the prices keep going up every year. my silent partner