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By [email protected]
I have a 2 bay facility that I rent and one employee plus myself. I was quoted about $2346 per year for both general liability and garage keepers from Liberty Mutual(using CoverWallet as the broker).
- General liability was $1,032 per year if paid in full for $1,000,000 limit and $2,000,000 aggregate
- Garage keepers was $1320 per year if paid in full for $75,000 coverage
Does this sound right? I am in the process of getting other quotes but wanted to see if I am in the right ballpark. This is my first time getting insurance for the business and it seems like some places don't want to insure you unless you have history.
Own or rent:
I am owner financing the sell of my business and the new owner has 3 other shops that are smaller than mine. I have my insurance with Nationwide and they will only insure him if they get all 4 locations. Their concern is that he might shift employees around from location to location. I want him to have BOP insurance (Business Owners Policy) which covers the building and Liability. They are also going to consider this as non-owner occupied and don't like the fact that he sell used tires. The price they are giving us is almost 3 times what I was paying. My insurance agent says he can't find anyone else that will write the policy. Does anyone that sells some used tires have BOP insurance with someone other than Nationwide?
After looking at the ICCU shop in Mumbai India, it made me wonder how the Indians deal with Indian negotiation tactics? I need a good strategy. My shop is among a large Indian population and it seems that they all want to negotiate pricing. So much so that if one doesn't try to negotiate, it throws us off our game! There are few ways to deal with this: 1) Stand firm, 2) Have a pre-made coupon that we can use to move the price a fixed amount, 3) Negotiate, 4) Prepare for the negotiation with inflated pricing, then negotiate and settle on a job price (that is often more than the non-negotiated price).
We do #2 and #4 regularly, with a little #1 and no unprepared negotiations (#3). When we are negotiating, it's always out on the shop floor so that it can be a private conversation. They always seem to feel better when they "get a deal"!
Any better methods or practices?
By Joe Marconi
Has anyone spoken to their insurance agents in regard to health insurance. I briefly saw my insurance agent at the last Chamber of Commerce meeting and he told me he wants to meet with me way before November, when it will time to renew, to discuss all the changes in the new health laws. From what I see in New York, rates are going up and coverages will not be the same.