Any small business owners out there??

[TORQUE THIS]

I lust got a letter from my insurance company that I am now required to carry TERRORISM insurance. It is included in my policy now at no extra cost, but upon renewal, I will be charged a premium.



What a bunch of CRAP!!!!

 

[Johnboy3]

Well........

You can't carry out any terrorist act without insurance, it's a must have.

 

[cwcox]

Yeah, you wouldn't want to botch a big mission and have to front the liability for it. Maybe you should get one o' them umbrella policies?

Seriously, what kind of business are you in? I am a contractor- home remodeling and property development- I haven't heard anything about this one yet... ..... and hope I don't. Life sure has changed in recent times. Too bad.

 

[Bill Lins]

Here in Texas many things that used to be included in an umbrella or homeowner's policy are now either optional @ extra cost or no longer even offered- kinda like our trucks!

 

[ACoyle]

Someone hs to pay for terrorist damage. You didn't expect the govt. or big business to do it, dis you?



Seriously, I got the same rider. Don't know yet how much it costs.

 

[Sled Puller]

This is whats funny whent he Dems scream about taxing big business more and more- Big Business pays ZERO!



It always comes back to us!!!!

 

[Champane Flight]

Whos fault?

The extortion people (Insurance companys) in my state raised the auto insurance by another $8 across the board. Why? Because they can, we have to have it, they can charge anything they want.

 

[TORQUE THIS]

cwcox,



I own a small janitorial, carpet cleaning business. There is a customer I have that owns a small painting business, he has the same letter, but from a different insurance company. My insurance is thru The Hartford, he has Nationwide.



The church that I belong too, I found out last night, has also received a letter from the insurance company for the same thing.



I have a few friends who own their own business, just waiting too see them to see if they have received anything yet.



ACoyle, what kind of business do you have?

 

[Koa Man]

This is just another scam for the insurance companies to make more money. I haven't gotten anything about that yet. My current business liability policy ends in October 2003. I have a tree service business.

 

[cwcox]

I guess I'll just wait patiently at the mail box for my extortion letter from the insurance company. I f you guys are seeing it with cleaning and painting businesses, then I am sure I'll get nailed! Maybe State Farm will overlook the "terrorist rider"? Hope so, I never wanted to be in that business anyway. ("cept maybe shootin' 'em!)

 

[pdolan]

We haven't been hit with a separate terrorism clause yet, but the company we sometimes rent aircraft from in Saskatchewan put an lease-back Arrow (Pa28-200R) on the line a few years ago. It had an insurance premium of $3,500 added to their fleet policy. Last year, (7 weeks after 9/11) that was doubled, and we all thought of the terrible cost in insurance we would all be paying for that day. This year, they were quoted $23,500 (all in Canadian dollars @ about 0. 65) for the same airplane!!!!! (the company has a zero claims record). Today, the aircraft is no longer on the line, and this operator (like many others) will reduce his coverage to corporate liability and hull coverage will be provided from the customers with "renter's insurance".



We have had similar experience with motorsport insurance. Many events cannot be covered and those that can are at at least double the price.



The real cause is not JUST the greed and avorice of insurance underwriters, it is the individual greed of people cashing in on the Legal Liability Lottery that pervades the US economy and culture. Do you realize that the ratio of lawyers/capita in the US is 10:1 over Canada and 30:1 over Japan?? Who do you think is paying for all of that absolute waste of skin??



Until the US comes to its senses and dumps almost the entire boatload of legal parasites, you will not solve this problem.



Pat

 

[Koa Man]

Seems like almost no one wants to take responsibility for their own actions anymore. Like the woman who spilled hot coffee from McDonalds in her lap. Sued because the coffee was "too hot. " HELLO!

What was even more surprising was the huge settlement the judge and/or jury awarded her. Hmmm... maybe I should do the same... . that way I wouldn/t have to work anymore. I could just live off the multimillion $$ settlement.

 

[Briar Hopper]

The greed works both ways... ... we also need lawyers to protect us from crooked companies(my own attorney on corporate retainer is a godsend, he not only listens, but has solutions that work or will work, as well as counseling me on appropriate actions). I agree, though, that it's become too litigious of a society, hence the rising insurance and healthcare costs.

Check out the house the owner of your insurance agency lives in. In most cases it'll be worth about ten times more than your house.