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Looking for reasonable rates on insurance?
#1
I am finding that insurance costs are getting out of hand, while my business is making less. My biggest fear is that if I ever needed it, the companies would find a way not to pay!

What do you do for insurance?
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#2

First of all, I am not an agent but a business underwriting specialist for State Farm in Illinois. I can tell you that business premiums are effected by numerous factors, most notelably claims. If the insurance carrier had poor experience in that class of business, the actuary dept raises rates. Conversely, if experience is good, rates are lowered. So it goes in cycles. Other factors which insurance is rated on is the type of construction the building where your business is located. Frame construction rates are the highest; masonry non-combustible rates are good, and fire resistive construction is the best. Some buildings have protective devices like fire sprinklers, fire alarms that report to the fire department, central station burglar alarms that provide sizeable discounts to your premium. If you have a low deductible, say $500, you might consider increasing it. State Farm rates are tied into the amount of business personal property. Professional liability is rated based on the number of employees that provide nail services, including any subcontractors that rent a chair. If you work out of the home, we have a special discount since the liability exposure (foot traffic) is usually lower. Our minimum premium from the home is $305; our tenant minimum premium is $450. If you email me, I'd be happy to answer any specific questions you have. Kevin
Kevin Schwulst
State Farm Field Underwriter
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#3
You just have to call around. I just switched mine to american family which was $80 a year less than State Farm for exact same coverage. Btw, I have never had a claim. I almost went with Farm Bureau that is $300 year bu you have to factor in their $45 membership fee yearly. It seem in my state there is a state min and all the premiums start the same but just go up from $300. Every penny counts.
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