ZRrrr
Active VIP Member
Looking for feedback from other small business owners on here regarding commercial insurance.
Background:
Been with the same insurance broker for over 20 years. Recently the insurance company our business is insured with (again over 20 years) did a review of our business. Nothing much has changed other than growth, and nothing out of the ordinary in our business practices. We are a two person team, do not entertain clients on site, only visit clients at their sites. Very little inventory stocked here at a very small office...we ship out same day what comes in. I attend trade shows/conferences a few times a year, and only setup a booth at maybe two. Insurance company came back and said we are no longer "within their apetite". No reason as to why. Broker shopped around seven other of the companies they represent and only found one that will insure us. Cost is significantly higher. Broker says they have been struggling getting commercial insurance for all their small business owners. She said this has become the norm as of late. According to her no one wants small business liabilities. She said try being a contractor in the oil patch, almost no insurance company wants them or the cost is exorbitant.
There is absolutely nothing abnormal about what we do and we are a small organization compared to our peers.
Anyone else seeing this? Is this a post COVID thing? Maybe the insurance co's think a wave of lawsuits coming? Broker didn't have any answers as she says the companies they represent ore not giving details. They are just passing on small businesses.
Background:
Been with the same insurance broker for over 20 years. Recently the insurance company our business is insured with (again over 20 years) did a review of our business. Nothing much has changed other than growth, and nothing out of the ordinary in our business practices. We are a two person team, do not entertain clients on site, only visit clients at their sites. Very little inventory stocked here at a very small office...we ship out same day what comes in. I attend trade shows/conferences a few times a year, and only setup a booth at maybe two. Insurance company came back and said we are no longer "within their apetite". No reason as to why. Broker shopped around seven other of the companies they represent and only found one that will insure us. Cost is significantly higher. Broker says they have been struggling getting commercial insurance for all their small business owners. She said this has become the norm as of late. According to her no one wants small business liabilities. She said try being a contractor in the oil patch, almost no insurance company wants them or the cost is exorbitant.
There is absolutely nothing abnormal about what we do and we are a small organization compared to our peers.
Anyone else seeing this? Is this a post COVID thing? Maybe the insurance co's think a wave of lawsuits coming? Broker didn't have any answers as she says the companies they represent ore not giving details. They are just passing on small businesses.
