Home Improvement Contractor - Licensed Contractors
What is the typical price range for an insurance policy fee?
My question is primarily directed at Business insurance, Liability,Contractors insurance, etc... Although, any policy fee price range would be appreciated. Thanks. Thank you all for your answers. Let me explain my question. I'm a Safety Engineer, doing a feasibility analysis for my prospective contractor Safety/Loss prevention business. I intend to provide business liability insurers(underwriters) with a risk assessment /loss prevention inspection overview and suggestions,as needed. Particularly, Industrial and construction sites. As well as, property assets including residential (home owners). Here is one of my purposes: I know, first hand, that there is a need for third party inspections. I'm trying to figure a fair price schedule. Like, what is the norm for these services? How feasible is this service to Insurers, I mean by an established safety professional? ( home owners, as in mortgage insurance)
Public Comments
- Well, in most states, you can either take commission OR a policy fee, but not both. When I write for fee instead of commission, I get 10% across the board, or $1,000 minimum. If it's a really high maintenance client, I'll get in at 15%.
- Like she said, it will depend on what state you're in and what type of market you're placing the risk in. In Ohio most admitted and non-admitted insurers pay commission, so policy fees are restricted to a 'reasonable fee' associated with an agent or CSR who must do extra work to place the risk. Typically $50-$100 for a small risk. I have heard anecdotal stories of agents charging a % of premiums as a fee plus collecting commision; in effect double dipping on their clients (not on Ohio). Again, this would be regulated on a state level. If you feel you're being charged too much by your agent, discuss it with her then call the DOI if you get no satisfaction.
