View Full Version : business insurance

Craig Hogarth
03-05-2007, 4:58 PM
I'm finishing up my lease agreement and I need to provide documenation of insurance. I have a recommendation from the leasing company, but want to shop of course.

Would anyone care to recommend one for me? I'm in WA btw, but I don't necessarily need them to be local.

Joe Pelonio
03-05-2007, 5:14 PM
I have State Farm for homeowner, cars, life, and business. It's all very convenient but may not be the best financially. Never had a problem with claims or anything. My business insurance with 1 million liability and all my equipment plus the additional insured leases was $1,400/year, went down
about 15% when I moved to the house.

Perry Brock
03-05-2007, 8:55 PM
I would look into a local insurance source. The ones working with leasing companies are usually a good bit higher than a source you find yourself.

As another resort you might want to do an online search for an insurance source just to make sure the leasing company's source is giving you a fair deal.

I was going to lease a laser once but called the deal off over insurance issues. The leasing company's requirements on insurance was set up where only their source could or would meet them. Watch Out!!

Sometimes you are better off getting a bank loan and buying equipment. In the long run you pay less in interest and insurance.


Craig Hogarth
03-05-2007, 11:56 PM
Originally, I wasn't going to lease, but the monthly payment is doable.

I definately will be shopping around for another insurance agent. But the one they referred me to specializes in business insurance for embroiderers and screen printers.

I'm assuming I'm not allowed to post the link.....

Jeffrey Schronce
03-06-2007, 7:50 PM
Find a large independent agency in your area. The main players in the commercial market in WA will be Safeco, Farmers, St. Paul/Travelers and the Hartford. You will also find that a BOP (Business Owners Policy) will be less expensive through one of the independent agency companies mentioned above than a captive like Allstate, State Farm, etc. Independent carriers typically have much broader underwriting experience in commercial lines than the captive carriers. You may have local players in WA that are fairly priced. Only do business with AM Best rated carriers. There is no reason to insure with a B rated carrier. BOP is a standardized form that will package property and liability coverages. The policy will allow you to endorse the lessor to show their interest in the property. Typically minimum premiums for a BOP is around $500 and have around $50k business property and $1,000,000 liability.