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Joined: May 2001
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I remember seeing a thread awhile back on the same topic but don't remember the particulars. A city that I'm looking at starting a business in requires insurance coverage of $300,000 personal injury and $300,000 property damage per occurence.Just wonderin what rates others are paying and how much coverage is required in the areas that you do business in. The company that I work for has to carry $1,000,000 policy due to contract requirements on some commercial work,but I'm not sure of the cost of it.
Donnie
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Joined: Dec 2002
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here in CA I HAD A HARD TIME GETTING INSURANCE. LAST YEAR I AHD INSURANCE AND PAID ABOUT $900 FOR 1 MILLION COVERAGE. THIS TEAR IT JUMPED TO $1400 AND THEY HAVE SO MANY RESTRICTIONS THAT IT IS ALMOST IMPOSSIBLE TO DO WORK.
GOOD LUCK TO YOU AND TO REST OF US.
Thanks Edward
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Joined: Sep 2002
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Here is Long Island we are paying $50,000 for workers comp and $5,000 for liability. This is for about 12 employees
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Joined: Oct 2000
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commercial contracts are peppered with wishes for coverage & insurance vouchers that most 'little guys' can't afford.
his is done to weed 'em out.
you should be able to shop around and ger 1/2 mil for $300 annum....
how big a fire can you possibly start right?
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Joined: May 2001
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LOL at spaarky. Hopefully no bigger than a fireplace with the remote control ignition.
tsolanto...GULP!!$50,000.....Have you had alot of comp claims?
Donnie
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Joined: Sep 2002
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txsparky Actually it was for my construction company the rate is 15% for workers comp. No claims. Makes you want to move to NY. Thats big cheese...
[This message has been edited by tsolanto (edited 02-11-2003).]
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Joined: Apr 2002
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We pay 5.47% Workman's comp. We carry a $1,000,000 liability policy with a $2,000,000 aggregate. So we can screw up 2 project for up to a Mil.(Man I hope I never need that policy.) Rates vary by location, so check with your agent, but it probably won't cost much more to get a full mil than a half mil policy.
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Joined: Jan 2003
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txsparky...i pay about 450.00 a year for a $1,000,000 policy.and that incl.$5000 for contractor tools and equipment
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Joined: Apr 2002
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TXSparky: This year (started 1/15/2003:
PACKAGE Property, shop & office 250 deductable 15K Loss of income (all risk)actual loss for 12 months Sewer back-up; 250 ded, 10K General Liability 250 property damage ded. $1 mil; 2 mil aggregate completed op. 2 mil gen agregate, per project A bunch of small items for 100K & 15K
Tool & equip 25K $$ & Securities; 15K Receivables; $35K Valuable paper & records; 35K Employee dishonesty; 5K, 250 ded Rented, leased or borrowed equip; 25K, 250 ded Installation Floater; 25K w/ 250 or 500 ded
Auto: 1 mil, 1 mil, Rented Vehicle Comp & Coll; 50K Rental vehicle; 50 day 1 mil liability (2 people) for "other vehicle" Workers Comp: 1 mil each person, each accident
Commercial Umbrella; 1 mil.
Auto part is $14521.00 Contractor Pkg is $2536.00 Workers Comp is $5886.00 Umbrella is $1200.00
TOTAL is $25192.00
Sorry this is long, and I hope it helps.
John
John
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Joined: May 2001
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Thanks You All!! .All of the info you provided helps me to get all of my ducks in a row.
Donnie
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Posts: 7,382
Joined: April 2002
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