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Insurance Rates!

Discussion in 'Business Fundamentals' started by chescontractor, Oct 13, 2015.

  1. chescontractor

    chescontractor Junior Member
    Messages: 1

    What has happened to our insurance rates in NJ? My commercial auto coverage was always enough, and this year they tell me, I need additional coverage for plowing snow commercially... not residentially though.

    Because my business... NOT the actual jobsite, resides in NJ, I have to pay NJ rates, which are a 4x increase!! If my business was in PA or NY, and the jobsite was still in NJ, I have been quoted a fraction of the cost.

    Why should NJ Business Owners be penalized for operating a business in this state? Now, out of state contractors can come in and take our work, and offer a small percentage of the rates we have to charge to cover our operating costs.

    Does anyone know of a fair Insurance Agency offering coverage for the upcoming 2015-2016 season? I have tried many, many agencies, and all are outrageously expensive.

    This is so unfair! The Governor needs to help small business owners like me, be able to have affordable snow removal insurance and be able to make a living during the winter season.
  2. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 166

    Ches, usually insurance carriers use the "garaging location" of the vehicle to base the rates for commercial auto policies. "Garaging location" is generally defined as the exact location of the vehicle where it is kept when not being used. It is not based on the location of the jobsite as that would likely change from day to day. It's our job as the insurance agent to provide the correct garaging location to the underwriters. I don't know what your definition of "outrageously expensive" is but a good independent insurance agent will find you a great value. I'm happy to provide a quote for you as I see that you are in NJ. I'm an independent insurance agent with a special snow insurance program in NY.
    Ben/Insurance 516-233-3515