Insurance rates killing my locksmith business up here in zone 5

Man, up in Minnesota, zone 5 winters are brutal enough without my insurance premiums jumping another 30% this year to $8,500 annually. I just had a claim from a high-security Medeco install gone sideways when the customer accused me of damaging their door frame, even though it was pre-existing. Guy in the Locksmiths Facebook group said it's the same everywhere, PE firms driving up costs. Watched a Tommy Mello video on liability, but damn, at this rate I'll have to raise my rekeying fees from $75 to $120 just to break even. Anyone else dealing with this crap? NGL, feeling like it's time to switch to a smaller carrier or something. SMH.

Haha, try explaining to a client why your Schlage rekey costs an extra $20 because some bean counter at the insurer decided you're high-risk for picking locks.

Pissed me off too, had to eat a $2k deductible on a van break-in last month. This industry's getting screwed by these rates.

It's the damn private equity vultures buying up all the small shops and inflating everything. We're all paying for their roll-up BS now.

Same here, bro. Zone 5 or not, it's universal pain. Hugs.

Shop around for carriers that specialize in trades like us. I switched to one that covers locksmith tools specifically and saved 15%. Look into Hiscox or Next Insurance.

Don't skimp on the policy, though. Had a buddy get sued over a Kwikset malfunction and his cheap coverage left him hanging with $50k in legal fees.

Insurance companies are the real thieves. Charging us premiums like we're breaking into banks daily.

Feel you on that Minnesota cold making jobs tougher, but yeah, rates suck everywhere.

Commiserating hard. My premiums doubled after one false alarm call.

This is why I started requiring deposits for any commercial job over $500. Cuts down on the BS claims.

Ugh, same boat. Just renewed and it's highway robbery.

Yeah, it's exhausting. Hang in there.

Those PE assholes are ruining it for all of us small guys. Time to unionize or something.

Sorry you're dealing with that premium hike. Sucks.

LOL, my insurer asked if I pick locks for 'fun' during renewal. Like, dude, it's my job!

Again, the industry's getting squeezed by big money. Fight back by documenting EVERY job.

Man, that Medeco claim sounds rough. Solidarity from Texas.

Rates are BS, but get an umbrella policy for extra layer. Costs like $300/year but worth it for peace.

SharkBite who? Nah, for locksmiths, sticking to Viega-level quality in installs to avoid claims altogether. Controversial, but insurance is overrated if you're careful.