Having had a business liability policy with Nationwide for the past 4 years I chose to drop them to get a good package rate for workers compensation and general liability with another company. Shorly after this I recieved a bill that stated that I owed them $851.00 as the result of an insuranse audit covering the period from 7/10 to 7/10.
My insurance rate is based on the payroll and according to my records we owe them around $290.00. I have always paid them based on payroll but for some reason I was told that they charge a minimum amount covering the owner. I told them that this was odd that I had never been charged this before we cancelled with them. I also ask them to reveal in the policy where this is stated and was never given an answer.
I feel that they invented this policy due to the fact that I cancelled with them and posibly due to they're $346.4 million dollar loss for the third quarter of 2007. I have auto insuranse with them now but will shortly be cancelling this as well. I will make up my losses by getting a cheaper auto policy. I hope to see a $346.4 BILLION loss for Nationwide in 2009.
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