Hearthlist Digest #159 - Wednesday, June 24, 1998
 
Insurance
  by "Craig Issod" <[email protected]>
 

(back)
Subject: Insurance
From: Craig Issod <[email protected]>
Date: Tue, 23 Jun 1998 21:20:37 -0500
 
>Subject: Insurance
>From: Louis Tweed <[email protected]>
>Date: Tue, 23 Jun 1998 14:15:08 -0500
>
>I am curious as to what insurance companies others on this list have had
>good dealings with them.  We are currently under a policy (several
>differnt policies really) written by Travelers Property Casualty.  I
>feel I am being charged way to much for my insurance.  Are there any
>insurance companies that specialize in the hearth proffesions?
 
Louis, we use Selective Insurance. There are not a lot of companies out
there begging for this type of business because, as you can imagine, the
exposure can be great.
 
We have stayed with the same agent for 18 years, and even when we changed
companies, this agent has been able to brag to the companies about our
clean insurance claims record.
 
In summary, i think a long term relationship with an agent or carrier can
possibly be better than shopping around. Still, you'll probably get some
good ideas from others on the list.
 
As with anything else, insurance should be figured as a percentage of your
gross receipts. For most hearth shops, this should be in th 1.25 to 1.75%
range....i.e. If your shop does a million, then $12,500 to $17,500 for ALL
insuarnce (cars, workmans comp) would be good. It will be higher if you
have in-house installers, as their workmans comp is real high.
 
That's my take anyway, and it's part of the reason that old 37-40 point
margin is so important.
 
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Craig Issod             HearthNet at http://www.hearth.com
[email protected]    Everything your Hearth Desires
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Buddha says "avoid error"
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