how do i ins.my business?

Question

I have a small tent trailer rental business but i can not seem to find an ins. co. than will offer me special ins.for when my customers rent a tent trailer i know some of the biger outfits offer there customers ins. how do they do it and how can i do it. I am loosing a lot of customers because there ins. co. will not offer them a writer. I do not know what to do. please help.

Answer 1

This is a pretty specialized risk, and high risk. Bottom line, the other guys I would almost bet are doing other easier business with an insurance company, and leaning on them to do the tent business to keep the other.

First thing, accept the fact that they may be doing something like this to get insured. You can keep looking, but the price is going to be a killer when you find what you want. Specialized risk company in your situation, like Lloyds of London, etc. They will probably insure at some price.

If you are smart enough to figure this out, self insure. Make an offer of contract at a number. Retail to Wholesale value, you could come out OK.

Answer 2

I would first go to the people who already know - The other tent trailer rental businesses. Give them a call and explain your situation, you may find they are willing to help, and may even give you their insurance broker's phone number or recommendation on where to get the coverage.

Or, you could contact an insurance broker or agent in your area through the yellow pages. Or, check Excess and Surplus lines insurance online or in the yellow pages. They handle more difficult to insure businesses.

I recommend Burns & Wilcox as an excees and surplus lines insurance broker for businesses.

Also, if there is a tent trailer association, they may offer a special tent trailer rental business insurance program.

I hope that helps! Take care and good luck with getting your insurance coverage.

Answer 3

Require your customers to provide proof of insurance through their auto insurance carrier. Most companies can endorse a policy for such items. It's not much different than renting a car.

Answer 4

They "self-insure" it. They are NOT acting as the insurance company - they're doing what the car rental companies do, selling a "damage waiver" and betting that the actual claims will be considerably less than the $$ they rake in for selling the damage waiver.

Answer 5

Have you contacted an independent insurance agent? Most have several companies that they work with. If they are a good agent, they will do the research for you.

Answer 6

Check out an insurance broker they have multiple companies they can write you under.