Recently my insurance was up for renewal but my insurance agent at Westland Insurance informed me that my premiums would be increasing by 85%. This was because the previous underwriter did not like the fact that I ship products to the United States.
My sales in the US account for less than 1% of my sales. The sales will cover the increase in insurance but obviously to US market is not where my concerns lie. I did have a choice though. I could forget about coverage in the States and keep my old rate but if some sued us I would be on my own. Or I could payout the 185% premium for business insurance.
After much debate I ended up caving in an paying for the complete coverage. I wouldn't want to risk my business and the livelihoods of my employees if we ever ran into trouble. Insurance a necessary cost of doing business. I guess...
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