Another Insurance Horror Story

The costs of all kinds of insurance are completely out of control. For instance, Dean Morin, owner of Accu-tech Torch and Regulator Repair, has seen the cost of his business insurance increase more than $5000 over last year, going from $1,400 to $6,600 (Comox Valley Echo). Morin's company has never had an insurance claim. He says that he was told his insurance rates increased for a list of reasons, including September 11 and cruise ship illnesses. (How these pertain to servicing welding equipment is anybody's guess.)

Business owners are especially hard hit by high insurance costs, experiencing in some cases the triple whammy of high premium increases for auto, home and business insurance. Here are some ideas for saving money on business insurance. While I was thinking specifically of home-based businesses when I wrote this, don't be put off. Most of the ideas, such as taking advantage of group rates, are applicable to anyone looking for business insurance.
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