Who Is Your Insurance Provider

[NRM_Oz]

We don't have much to choose from here as most Insurance companies consider the word "Security" to be like "the plague" even if you run your consulting business only like I retained for myself. Lloyds of London are 1 of 4 firms that will cover Security companies in Australia for liability. I know it adds on another 5% to my operating costs but it is necessary to cover the business in case of something from left field. Oh when I ran another business, a competitor went bankrupt 4 years after the incident as his $2 mil liabilitiy insurance did not cover the $10 million claim against him - they settled on $3 mil and he had to foot the rest plus legal fees.

[Bill Warnock]

Hello,

I am in California also and mainly do armed work. I have heard great things about El Dorado but last year I was quoted via my online app. and it came in very high (15k year). Lesson learned, so I went with "ACS" which is roughly 457.00 a month after 1200.00 down (Southern Ca based).

I will be shopping around in January so thank you for all of this valuable info!

PM Protection we wish you all the luck getting insurance. A word of caution remains to check with your state's insurance commissioner or secretary of commerce that company you want to buy a policy from is authorized to underwrite in your state and what their track record is. You don't want your hard earned money going down in a black hole.
Ejoy the day,
Bill

[PM Protection]

Hello,

I am in California also and mainly do armed work. I have heard great things about El Dorado but last year I was quoted via my online app. and it came in very high (15k year). Lesson learned, so I went with "ACS" which is roughly 457.00 a month after 1200.00 down (Southern Ca based).

I will be shopping around in January so thank you for all of this valuable info!

[integrator97]

Integrator97 a flibbertigibbet is according to Webster's definition "a silly flighty person." In this business we have seen our fair share of these.
Enjoy the day,
Bill

Oh hell! That's me before coffee.

[Bill Warnock]

We're in the installation biz, but we saved money going through NBFAA. So look at your trade organizations for one thing, or companies that specialize in insuring your field. Also, if you know or have a relationship with a reputable Independant Insurance Agent, check with them.

Alright Bill, I'll bite. What the hell is a flibbertigibet?

Integrator97 a flibbertigibbet is according to Webster's definition "a silly flighty person." In this business we have seen our fair share of these.
Enjoy the day,
Bill

[Ron Jessee]

maybe it's just because texas is a cheap state, but the only company I worked for that even offered medical coverage offered Starbridge, that same pit of dispair offered by Walmart. The little firm I work for right now doesn't offer any at all.

[integrator97]

We're in the installation biz, but we saved money going through NBFAA. So look at your trade organizations for one thing, or companies that specialize in insuring your field. Also, if you know or have a relationship with a reputable Independant Insurance Agent, check with them.

Alright Bill, I'll bite. What the hell is a flibbertigibet?

[Bill Warnock]

Very interesting. I wasn't aware the underwriting (or rate determination) was done on such an individualized basis. Thanks!

SecTrainer I've said it before to the point it becomes trite. We now see just how important this forum is to us all. I will add Richard's explanation with him getting credit for his contribution. I've used yours as well as Nathan's and others for which credit was given; that being the only fair thing to do.
We may have the occasional flibbertigibet, some grammer or typing challenged and one or two who have no clue as to what an antecedent is in a sentence or phrase, but all in all we have a very intelligent group and they make us all the better for visiting and taking their postings to heart.
Enjoy the day,
Bill

[SecTrainer]

I would recommend that you do not fill out an online application (I know El Dorado has one). Their underwriting decision will be made based on what little info you provide on the application and the rates will be high. When looking for insurance you have to "market" your company much like you would to a prospective client. The application should be accompanied by any materials that describe your firm and paint it as a high quality low risk company. These materials might include copies of your policies and procedures, officer handbook, a description of your target market (i.e. commercial buildings versus bars and strip clubs) and even a business plan to back up your payroll estimate.

The more they have to work with and the better the information, the better your chances are that your rate quote will be the lowest they can provide.

Good luck.

Very interesting. I wasn't aware the underwriting (or rate determination) was done on such an individualized basis. Thanks!

[hrdickinson]

I would recommend that you do not fill out an online application (I know El Dorado has one). Their underwriting decision will be made based on what little info you provide on the application and the rates will be high. When looking for insurance you have to "market" your company much like you would to a prospective client. The application should be accompanied by any materials that describe your firm and paint it as a high quality low risk company. These materials might include copies of your policies and procedures, officer handbook, a description of your target market (i.e. commercial buildings versus bars and strip clubs) and even a business plan to back up your payroll estimate.

The more they have to work with and the better the information, the better your chances are that your rate quote will be the lowest they can provide.

Good luck.

[hrdickinson]

.

I operate in California

Here are links to companies that can help you in CA. I know the prinicipals of both firms quite well and both have very high integrity.

http://www.brownyardprograms.com/ Their website doesn't list it, but they opened an office in CA over a year ago.

http://www.eldoradoinsurance.com/ These people often insure start ups!

I hope this helps!

[GordonSecurity]

What state do you operate in?

.

I operate in California

[ValleyOne]

^^^ What he said, X3!!!

[Bill Warnock]

There Are Many Companies That Provide Security Companies With Liability Coverage. Who Is Your Provider? Whose The Best Company To Go With? I'm Currently Paying 400 Monthly And Had To Put Down 1100. Does Anyone Know Of A Better Deal? Thanks In Advance.

GordonSecurity this might sound obvious but ensure the company or companies you finally zero in on are licensed to business in your state and have a stable track record. Don't take their word for it check with your state's insurance commission housed either with commerice, state or attorney general departments.
There are horror stories of people paying a company year after year only to find out when they file a claim the company is bogus. Don't mistakenly line the pockets of a crook.
Enjoy the day,
Bill

[ValleyOne]

I'm Currently Paying 400 Monthly And Had To Put Down 1100.

Is this for a Million Dollar policy per year. or what? Are your people armed or not? There's a lot to consider, so if you can help get a better picture...