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Don't use the name "Racing" in your company name

Milacron

Administrator
Staff member
Joined
Dec 15, 2000
Location
SC, USA
Talking with former customer yesterday who told me he reduced his insurance rate 20 percent just by taking the name "Racing" out of the company name ! Didn't matter to insurance company that he didn't actually "race" but that put him in a higher category anyway.
 
The overall message here is make sure the insurance company has you under the correct SIC code. I have the word Drapes in my name, and for the first 5 years they had us under the wrong classification and from their definition of that SIC code, they thought we had outside installers that would go into people home. Very far from what we actually do.

Insurance was cut in half and we got a rebate!

Jason
 
Not surprising at all. Similar to some colors of cars being more $, 2 door is "sporty".
I shall deal with this bs shortly :(
 
Insurance sucks. They give you teaser rates then try to bump up your rate when you renew.

You are always better off trying to talk to a real actuary rather than get mechanized treatment from the front office.

Behind the scenes at the insurance companies there are these guys called "actuaries" that calculate all the rates and basically determine the price they will charge you. If you can work directly with an actuary you will always get a better rate.
 
Seriously, for the small outfit, I think it pays to be as none descrpitive as possible when naming your business.

IMO, Joe Blow, Machining and Fabrication, leaves more openings than say e.g- Joe Blow, Aero & Race Machining and Fabrication.

Another thought, and I know I do it, do you say 'Call ABC inc and speak to Joe, or as I do 'Call Joe.' - I deal with the guy not the co.
 
A friend of mine talks about this a bit now and then, he owns a company, "Progressive Race Engine Development" and does a lot of high zoot work for various hardcore engine people.

The other one that will/could get you in trouble is "Engineering"... as many states require you have a licensed engineer on staff to claim such.
 








 
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