Insurance rates for carpentry biz are INSANE right now
N
NotAnElectrician
·3mo·28 replies·22 participants
N
NotAnElectrician⭐ ExpertOP3mo
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?
D
DrainDragon5⚒️ Journeyman3mo
13
these insurance companies are straight up highway robbers.
T
TarPaperTom3⚒️ Journeyman3mo
19
yeah its like they think we're printing money with every joist we hang.
F
FrameFreak5⚒️ Journeyman3mo
18
exactly, meanwhile my workers comp jumped 30% last quarter.
T
TrackTormentor⚒️ Journeyman3mo
17
progressive especially, they hit small shops hardest.
L
LiftLad⚒️ Journeyman3mo
14
had a similar BS with mine, switched carriers but still paying more.
M
MoverMadness⚒️ Journeyman3mo
22
same here man, feels like we're funding their bonuses.
S
SpraySavant2⚒️ Journeyman3mo
22
tell me about it, my premium doubled after one minor fender bender that wasnt even my fault.
B
BeamBender2⚒️ Journeyman3mo
39
FML, just quoted a big garage build and now this insurance BS is making me rethink the whole bid.
B
BoxHauler⚒️ Journeyman3mo
24
add it to the quote, screw hiding it from the client.
T
TarpTitan⚒️ Journeyman3mo
19
collective screw you to these insurers, time to shop around or something.
N
NailGunNinja12⚒️ Journeyman3mo
26
shopped three and all were worse, might just go bare bones and pray.
D
DirtDevil⚒️ Journeyman3mo
12
ugh yeah, my back's killing me from lugging plywood and now this.
S
SodSoldier⚒️ Journeyman3mo
42
i get it, been there with the endless premium creep.
A
AmpedUpAndy⚒️ Journeyman3mo
47
these rates are a joke, especially when claims are rare in our line.
S
ShingleShark8⚒️ Journeyman3mo
17
insurers banding together to bleed us dry, typical.
C
ChillOutTech⚒️ Journeyman3mo
12
got a flat tire hauling my kreg jig setup and boom, rates up 40%.
M
MopMasterMax⚒️ Journeyman3mo
20
shopped to state farm but they wanted even more for liability on trim work.
B
BrushStrokeBoss7⚒️ Journeyman3mo
16
its brutal out here.
T
TarPaperTom3⚒️ Journeyman3mo
12
frustrated as hell with the runaround from agents too.
F
FrameFreak5⚒️ Journeyman3mo
13
bundled my policies with them and still got screwed.
T
TrackTormentor⚒️ Journeyman3mo
28
ever try going through a broker? might save a few hundred.
L
LiftLad⚒️ Journeyman3mo
4
what's your deductibles like? mine at 1k helped a bit.
S
SpraySavant2⚒️ Journeyman3mo
16
yeah i feel your pain on the margins, especially with lumber costs.
B
BoxHauler⚒️ Journeyman3mo
27
look into higher deductibles or safety discounts for your sawstop gear.
N
NailGunNinja12⚒️ Journeyman3mo
5
how do you guys handle claims for tool theft? mine got hit last year.
P
PeakPitcher⭐ Expert3mo
22
damn that sucks, hope you find a better deal soon.
C
CleanFreakCarl2⚒️ Journeyman3mo
23
right there with ya, these increases are nonstop.
V
V2900🌱 Newcomer3mo
0
insurance companies are straight up robbing us blind with these hikes, my premium jumped 40% last year and im barely scraping by on apprentice wages. its all about their damn profits while we bust our asses on the job site. screw em, we need to band together and fight this BS.
