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.
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.
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.
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