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#14547 - 09/24/02 01:15 AM Commercial Insurance  
Sean WB  Offline
Member
Joined: Sep 2002
Posts: 111
South TX
I was wondering where and how you guys get insurance for your businesses. are there different kinds of policies? Is there a state minimum? I will be mostly residential/light commercial. What are the expenses averaging for you guys? Down payment, etc etc .
Thanks


I did not get as think so badly as you shocked I did.

Work Gear for Electricians and the Trades

#14548 - 09/24/02 06:32 AM Re: Commercial Insurance  
sparky66wv  Offline
Member
Joined: Nov 2000
Posts: 2,232
West Virginia
$275 per year, $1M per occurance, $2M aggregate...

"Oak Causalty Insurance Co" I think...

It's a bare bones liability, no coverage on tools or anything of mine...


-Virgil
Residential/Commercial Inspector
5 Star Inspections
Member IAEI

#14549 - 09/24/02 07:16 AM Re: Commercial Insurance  
sparky  Offline
Member
Joined: Oct 2000
Posts: 5,303
about the same here.....

(really...how big a fire can we start?)


#14550 - 09/24/02 08:05 AM Re: Commercial Insurance  
TE  Offline
Member
Joined: Aug 2002
Posts: 36
USA
Typically only GC's ask for a copy of
policy.

1-2M seems to be the norm.

275 a year? WOW that is cheeeeep!

Will they insure in any state?


#14551 - 09/24/02 03:35 PM Re: Commercial Insurance  
sparky66wv  Offline
Member
Joined: Nov 2000
Posts: 2,232
West Virginia
Ooops!

[Linked Image]

Farmer's Mutual is my business liability insurance...

Oak Casualty is my truck accident and collision insurance....

My Bad!

Maybe there's a Farmer's Mutual agent near you?

The prices could also be geographical...


-Virgil
Residential/Commercial Inspector
5 Star Inspections
Member IAEI

#14552 - 09/24/02 08:01 PM Re: Commercial Insurance  
arseegee  Offline
Member
Joined: Jan 2002
Posts: 324
Statesboro, GA USA
I carry 1M in general liabilty, workers comp and commercial auto on the trucks. Workers comp is the killer and runs about 7% of gross payroll. Boy does it add up.

All I can say is shop the price. Hopefully you'll never need it but you better have it.

It's one of the first things you'll need for a commercial job.


#14553 - 09/24/02 08:16 PM Re: Commercial Insurance  
HotLine1  Offline


Member
Joined: Apr 2002
Posts: 6,798
Brick, NJ USA
Sean WB:
Well, $1692.00 each for 1 1payments, with a 4275.00 initial payment. $22,900.00 total for 1 year. 3 mil liability, 1 mil workers comp, (3 vans, 1-55' bucket on '94 Ford 700 chassis, 1-Tahoe), 2 mil umbrella. Includes tools and materials. It's a package thru the local association preferred agency.
Rates are HIGH here in NJ; auto is a real killer.

John

NOTE TO 66:
Boy, if I only had to pay your insurance rates, I could retire real soon, and have a few $$$$$ to live on
John

[This message has been edited by HotLine1 (edited 09-24-2002).]


John

#14554 - 09/25/02 12:56 AM Re: Commercial Insurance  
Sean WB  Offline
Member
Joined: Sep 2002
Posts: 111
South TX
Im just a one man show,(right now) will I require workmans comp??
Man, Thats some steep rates, But I guess you have the means to make that kinda $$.
Will my auto carrier have a policy ? are there insurance companies strictly for this kind of coverage?


I did not get as think so badly as you shocked I did.

#14555 - 09/25/02 05:40 AM Re: Commercial Insurance  
TE  Offline
Member
Joined: Aug 2002
Posts: 36
USA
Sean
You carrier may have.
WC varies, in CA owners are not required
to have WC for themselves, only on employees.

You really need to shop for Liab.
I was quoted from several hundred a month
to several thousand. I thought I got a good deal until this thread. "275 a year" Now I'm
feeling like I've been ky'd

No matter what, do not work with out the
liab.
Even though your workmanship can be great,
shorts happen.
If a claim was made against a building/home
insurer and it was found that wiring you installed was at fault, that carrier will go
to your ins carrier. If you have no carrier
guess where they go for the money.....


#14556 - 09/25/02 10:29 PM Re: Commercial Insurance  
Electric Eagle  Offline
Member
Joined: Apr 2002
Posts: 914
Alpharetta, GA
Sean, In my state (Georgia), the owner does not have to cover him/herself, but if you want to do work for any legitimate GC they will require that you get a policy, even if you exclude yourself. Here it cost $750 to start a comp policy. It can roll over year to year if you don't have any qualifying wages. If you're only working for home owners, you can probably skip the WC, but I would never go without a $1mil. liability policy.

[This message has been edited by Electric Eagle (edited 09-26-2002).]



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