Friday, November 7, 2008

Good news...

In this post, Laffeaux asked to update what my insurance company came back with for a premium based on my selling frames with my name on them. First, it makes one wonder why there should be a difference in the first place. I mean, what really is the difference between a frame I sell with my name on it or a frame I sell with someone else's name on it? Yeah, I know there reasons because of liability and who exactly is putting their neck on the insurance liability line, but...

So, as I mentioned, there's good news. My insurance premium would only be increased by $141 for the remainder of the policy. That's about $280 more for the year. Not bad. I had almost relegated myself to having them come back with some outrageous number. Full steam ahead!

(added: My small volume definitely contributed to this small increase. Larger companies whose sales are much higher than mine have a much higher exposure risk and, therefore, higher rates. As it was, this change increased my rates by 11%.)

(What's playing: Barrio Vibes on KWMR)

2 comments:

Ben said...

Glad to hear that. I know that's something a lot of small guys are looking at closely now. I still find it a little hard to believe that that can happen to a "large" company like Riv. It seems odd in this day and age that something like that would change so rapidly. Granted, with the current markets going the way they are, I would imagine changes like that depend largely on decisions of your agency rather than individual problems. Scary all the same.

I'm really looking forward to seeing the frames. Good luck with all of it.

laffeaux said...

I'm glad to hear that the increase was fairly minimal. That's excellent news!!