Insurance rates for carpentry biz are INSANE right now
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NotAnElectrician
·3d·27 replies·21 participants
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NotAnElectrician🏆 MasterOP3d
114
Just got my renewal from Progressive and they're jacking up my commercial auto premium by $2,500 a year for basically the same coverage. I'm hauling Festool tools and lumber all over for cabinet installs and deck builds, but this crap is killing my margins. Anyone else seeing these hikes eating into your profit on framing jobs?
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DrainDragon5⭐ Expert3d
13
these insurance companies are straight up highway robbers.
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TarPaperTom3⭐ Expert2d
19
yeah its like they think we're printing money with every joist we hang.
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FrameFreak5🏆 Master2d
18
exactly, meanwhile my workers comp jumped 30% last quarter.
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TrackTormentor🏆 Master2d
17
progressive especially, they hit small shops hardest.
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LiftLad🏆 Master2d
14
had a similar BS with mine, switched carriers but still paying more.
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MoverMadness🏆 Master2d
22
same here man, feels like we're funding their bonuses.
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SpraySavant2🏆 Master2d
22
tell me about it, my premium doubled after one minor fender bender that wasnt even my fault.
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BeamBender2⭐ Expert2d
39
FML, just quoted a big garage build and now this insurance BS is making me rethink the whole bid.
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BoxHauler⭐ Expert2d
24
add it to the quote, screw hiding it from the client.
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TarpTitan⭐ Expert2d
19
collective screw you to these insurers, time to shop around or something.
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NailGunNinja12⭐ Expert1d
26
shopped three and all were worse, might just go bare bones and pray.
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DirtDevil⭐ Expert1d
12
ugh yeah, my back's killing me from lugging plywood and now this.
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SodSoldier⭐ Expert1d
42
i get it, been there with the endless premium creep.
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AmpedUpAndy⭐ Expert1d
47
these rates are a joke, especially when claims are rare in our line.
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ShingleShark8⭐ Expert1d
17
insurers banding together to bleed us dry, typical.
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ChillOutTech🏆 Master1d
12
got a flat tire hauling my kreg jig setup and boom, rates up 40%.
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MopMasterMax🏆 Master1d
20
shopped to state farm but they wanted even more for liability on trim work.
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BrushStrokeBoss7⭐ Expert1d
16
its brutal out here.
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TarPaperTom3⭐ Expert1d
12
frustrated as hell with the runaround from agents too.
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FrameFreak5🏆 Master1d
13
bundled my policies with them and still got screwed.
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TrackTormentor🏆 Master22h
28
ever try going through a broker? might save a few hundred.
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LiftLad🏆 Master20h
4
what's your deductibles like? mine at 1k helped a bit.
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SpraySavant2🏆 Master17h
16
yeah i feel your pain on the margins, especially with lumber costs.
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BoxHauler⭐ Expert15h
27
look into higher deductibles or safety discounts for your sawstop gear.
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NailGunNinja12⭐ Expert12h
5
how do you guys handle claims for tool theft? mine got hit last year.
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PeakPitcher🏆 Master10h
22
damn that sucks, hope you find a better deal soon.
