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#21803 - 02/10/03 08:55 PM Insurance Rates?
txsparky Offline
Member

Registered: 05/25/01
Posts: 578
Loc: Magnolia,.Texas U.S.A.
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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#21804 - 02/10/03 10:19 PM Re: Insurance Rates?
Edward Offline
Member

Registered: 12/14/02
Posts: 309
Loc: California
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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#21805 - 02/11/03 03:22 AM Re: Insurance Rates?
tsolanto Offline
Member

Registered: 09/03/02
Posts: 131
Loc: Long Island NY
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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#21806 - 02/11/03 03:27 AM Re: Insurance Rates?
sparky Offline
Member

Registered: 10/18/00
Posts: 5545
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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#21807 - 02/11/03 05:16 AM Re: Insurance Rates?
txsparky Offline
Member

Registered: 05/25/01
Posts: 578
Loc: Magnolia,.Texas U.S.A.
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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#21808 - 02/11/03 03:39 PM Re: Insurance Rates?
tsolanto Offline
Member

Registered: 09/03/02
Posts: 131
Loc: Long Island NY
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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#21809 - 02/11/03 04:37 PM Re: Insurance Rates?
Electric Eagle Offline
Member

Registered: 04/20/02
Posts: 928
Loc: Alpharetta, GA
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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#21810 - 02/11/03 04:45 PM Re: Insurance Rates?
lighthouse Offline
Member

Registered: 01/02/03
Posts: 141
Loc: philadelphia pa 19125
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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#21811 - 02/11/03 05:55 PM Re: Insurance Rates?
HotLine1 Offline


Member

Registered: 04/03/02
Posts: 6832
Loc: Brick, NJ USA
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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#21812 - 02/11/03 06:09 PM Re: Insurance Rates?
txsparky Offline
Member

Registered: 05/25/01
Posts: 578
Loc: Magnolia,.Texas U.S.A.
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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