Found out my contractor license bond rate was way higher than average

Was looking through my renewal paperwork for my license last night and noticed I'm paying $2,400 a year for my bond. Did some quick google searching and found out the average for my state is around $1,600. Called my insurance broker today and he said I just never asked for a re-quote in the 4 years since I started the company. Anyone else ever catch an insurance or bond cost that seemed way off from normal?

2 comments

2 Comments

blair_dixon14d ago

My neighbor had the same thing happen with his truck insurance. Paid double for three years before his wife happened to look at the bill while balancing the checkbook. Now he calls every six months to ask if they've lowered his rate yet. Funny how insurance companies never call you to tell you they're overcharging.

craig.sage14d ago

Man that's rough. Insurance companies definitely bank on people just not checking. @blair_dixon got it right - they don't exactly volunteer when they're overcharging you. Kinda makes you wonder how many other businesses out there are paying way more than they have to just because nobody asked.