Insurance question for the independents

[rangair94]

I am in the process of setting everything up to independent. I pretty much have everything in working order except insurance. I have talked to several agents/companies, but I still haven't been able to even get a quote with any kind of dollar amount. I've been in the industry for 19 years and have a clean record all around, so I have no idea what the issues are. Can anyone here recommend an agent that is familiar with the industry?

 

[Junkyard]

What are you looking for info wise? Liability, auto, health...? It is a challenge to start certain kinds of policies with no experience and they usually start out with high premiums until they figure out how much of a liability you are.

In the trucking days I used Progressive for some coverages as they’re big enough it’s easy to get started with them. My main coverage was always with Great West Casualty.

 

[Birken Vogt]

Go to a local agent. Walk up and tell him what you want. You need him anyway if there was ever to be a claim. If he doesn't provide a quote within reasonable time then ask him why not.

 

[rangair94]

Thanks for the info. I didn't think I would start out with low rates, but I guess I didn't realize how hard it would be to even get insurance. It's been like 2 weeks and I just got the 1st quote with any kind of dollar amount today. It's just for auto, I'm hoping I'll get at least a couple more auto quotes, and some liability quotes to have some kind of say in.

 

[grandpa]

Remember , insurance companies aren't doing you a favor! Its a two way street. If they can't get you a quote in a reasonable timeframe.... f em. I shop my insurance every two years. Sometimes its to keep them honest, sometimes I cancel them. But always remember... THEY WORK FOR YOU.

 

[rangair94]

I have no problem walking away from everyone selling anything with bad service. I've talked to 5 companies so far all within a couple days, and this is the 1st actual quote I've received. I feel like it's taking so long because the agents I've talked to aren't familiar with the heavy equipment industry, that's why I'm trying to find someone that's already dealt with our industry.

 

[Zrupp]

Speaking from experience. The insurance agent is 80% of the battle. I had issues with my first agent and it cost me several thousand in damages I had to pay for. I would suggest find the most reputable agent you can find. I’m with a good agent and a decent company for all my business insurance needs. My insurance runs me about 7500 annually. I truly believe you get what you pay for in this area.

 

[rangair94]

I'm definitely trying to find a good agent. I've talked to so many people and all I'm hearing is "we don't cover that" "you need to be in business longer before we can talk to you" or I don't hear anything back. I honestly don't have much hope in finding insurance right now. I don't know how someone can be in business long enough to get insurance without the insurance that you have to have to be in business.

 

[John C.]

Catch 22; You have to be crazy to fly here but if you ask to go somewhere else, it proves you aren't crazy.

 

[check]

I don't know how someone can be in business long enough to get insurance without the insurance that you have to have to be in business.

The same problem in many small businesses. It makes you think the purpose of insurance is to keep the little guy from competing with the big boys.

 

[Questionable wizard]

Lowry Insurance, Charlotte, NC. 704-940-1636 I have product installation insurance thru them for installing central tire inflation systems. Costs me $4300/year, only myself doing the work, based on $300K trucks.
Your insurance cost will be based off the value of the equipment you are working on. If you are working on a $500K dozer once in the year, you pay for that all year. The insurance companies insure you in case you destroy the machine and they have to buy a new one.
Also portable work is cheaper that having the customer's equipment in your shop.

 

[Zrupp]

I carry a 750K garage keepers policy, 1 million in liability, and a additional million umbrella. I also have the truck insurance and crane/rigging insurance combined into the same policy. I am insure through EMC. As stated above you most definitely need to figure the most expensive piece of equipment you are going to be working on. I did not have to many troubles getting insurance. My age was the biggest factor.

 

[rangair94]

I talked to a brother today that said one of the things they're pretty familiar with is mobile equipment repair. Their application had a bunch of questions that are actually pertinent to the industry. I'm waiting to see what he comes back with.

 

[Mike L]

I’m actually officially self employed starting Monday. I went to my local credit union with the minimum insurance limits of one of my customers and the only issue we’ve been dealing with is that one insurance company is concerned about me working on equipment over 45k lbs. agent said not to worry, that it’s a small speed bump and she’ll have it figured out by the time my service truck is loaded and I’m ready to go to work. I say keep shopping and when you find the right agent it will come together

 

[John C.]

Congratulations!

 

[Mike L]

Thanks. A little nerve racking but all in all I believe I’m making the right decision

 

[CM1995]

The commercial auto market is outrageous at the moment. Our agent said it was the "Hit by a big rig - call us" ambulance chasing bastards that advertise everywhere.

I have 4 pickups, one 4700 service truck and 5 trailers - the auto policy is as much as our GL. We have no claims and limit drivers on the policy that only have good driving records.

The market will settle down but who knows how long that will take.

 

[Wes J]

I have had similar issues. I have general liability, shop keepers, and commercial vehicle. All were a pain in the butt. Everyone wants a ton of specific experience. Progressive was cheapest for me for CMV, but it's still $5,000 a year for 50,000 GVW. That just liability and cargo. The shop keepers and liability is another $4,000 per year.

That's just for one guy. I've been in business 8 years and never had a claim.

 

[Truck Shop]

Good thing you fellers aren't in the OBGYN business-Average malpractice insurance costs {$140,000 a year}

 

[check]

Our agent said it was the "Hit by a big rig - call us" ambulance chasing bastards that advertise everywhere.

Attorneys want things just the way they are. Our insurance premiums are the main source of their very lucrative income.