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#21803 - 02/11/03 12:55 AM Insurance Rates?  
txsparky  Offline
Member
Joined: May 2001
Posts: 552
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

Work Gear for Electricians and the Trades

#21804 - 02/11/03 02:19 AM Re: Insurance Rates?  
Edward  Offline
Member
Joined: Dec 2002
Posts: 308
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

#21805 - 02/11/03 07:22 AM Re: Insurance Rates?  
tsolanto  Offline
Member
Joined: Sep 2002
Posts: 131
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


#21806 - 02/11/03 07:27 AM Re: Insurance Rates?  
sparky  Offline
Member
Joined: Oct 2000
Posts: 5,303
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?


#21807 - 02/11/03 09:16 AM Re: Insurance Rates?  
txsparky  Offline
Member
Joined: May 2001
Posts: 552
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

#21808 - 02/11/03 07:39 PM Re: Insurance Rates?  
tsolanto  Offline
Member
Joined: Sep 2002
Posts: 131
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).]


#21809 - 02/11/03 08:37 PM Re: Insurance Rates?  
Electric Eagle  Offline
Member
Joined: Apr 2002
Posts: 914
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.


#21810 - 02/11/03 08:45 PM Re: Insurance Rates?  
lighthouse  Offline
Member
Joined: Jan 2003
Posts: 134
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


#21811 - 02/11/03 09:55 PM Re: Insurance Rates?  
HotLine1  Online Content


Member
Joined: Apr 2002
Posts: 6,799
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

#21812 - 02/11/03 10:09 PM Re: Insurance Rates?  
txsparky  Offline
Member
Joined: May 2001
Posts: 552
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. [Linked Image]


Donnie


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