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Ontario CGL per $1000 rates (250/1000)

Discussion in 'Business Fundamentals' started by Krimick77, Jan 4, 2016.

  1. Krimick77

    Krimick77 Member
    Messages: 50

    248.2/1000

    Yep..... not a typo. This is my 18th year in business with no claims.

    What are some of your rates? The last post on this specific topic I found was from 2009 ( I was 124.7/1000 back then) so I thought it was time for a bit of an update from others.

    This is my snow rate only.
     
  2. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    Krimick, no doubt rates have increased significantly along with loss ratios in this class of business. You did not indicate if that $248.20 rate is based on payroll or gross sales though.
    Ben/Insurance
     
  3. thecabinexpert

    thecabinexpert Junior Member
    Messages: 14

    insurance is just a gimick, go without most the guys you bid against dont have it.
     
  4. Philbilly2

    Philbilly2 2000 Club Member
    Messages: 2,643

    Illinois here- My Plumbers are $8.66 per $100 payroll, Concrete Workers are $25.90 per $100, Insulators are $16.21 per $100, and Office Staff is $0.24 per $100.

    Plus all the other little line item BS that get lumped on the schedule :realmad:
     
  5. JD Dave

    JD Dave PlowSite Fanatic
    Messages: 11,046

    I think he's talking gross sales.
     
  6. Mr.Markus

    Mr.Markus PlowSite Fanatic
    Messages: 5,181

    They're certainly that...
     
  7. Krimick77

    Krimick77 Member
    Messages: 50

    Yes, gross sales.
     
  8. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    While that rate would be high for NY, NJ, it might be actuarially sound for Ontario with longer and more severe winters. Rates vary greatly and are largely geographically based. You should have some discussions with at least one other qualified independent insurance agent in your area to discuss this.
    Ben/Insurance
     
  9. Philbilly2

    Philbilly2 2000 Club Member
    Messages: 2,643

    Is that your real name Ben/Insurance?.... :confused: :laughing:
     
  10. Precedence

    Precedence Senior Member
    Messages: 110

    That is a ridiculous rate. As a percentage of gross we are paying around 5% overall for insurance which includes CGL and Auto. We get about 36% of our gross from snow.

    We are in southwestern Ontario outside of the lake effect regions so that might effect things but your rates still seem way high.

    Even if all our insurance was just for snow it would only be around 11%.

    Do you have a broker? Or are you directly with an insurance company?

    When was the last time you took your policy to market and how many markets does your broker have access to?

    One fun thing I learned when we took our policy to market this year is that insurance companies gradually jack your rate up year over year until you leave them, basically getting as much money as they can from you before you decide to shop your policy around. Your current company might even give you a better rate once they find out you are shopping your policy around.
     
  11. d_charters

    d_charters Junior Member
    from ontario
    Messages: 25

    I'm in hamilton and am 38.85 per thousand for snow and have 5 mil. Liability based on gross
     
    Last edited: Jan 9, 2016