Cost of Insurance

[bigbavarian]

Hello Everyone,

I tried to search for posts about this but kept receiving postings on Jerry Springer for some reason.

I was wondering how mush you guys have to pay for insurance a year and what that is covering.

I know it will vary from place to place but I am a person just starting out and wanted some ballpark figures.

Thanks,

Stephen

 

[yooper]

lol...jerry springer I get my liability through West Bend Mutual. One million dollar policy for about 900 buck a year.Payable in quarters
hope that helps somewhat.

 

[Bearcreek]

Mines about the same. Its through a local agent who uses Arlington and Roe. I had a real bad experience with an agent I used last year. My insurance got cancelled without me knowing it because they didn't forward my payment to the provider. I'd suggest looking up and contacting insurance providers and asking them to recommend an agent in your area.

 

[fishercat]

$1,036 for $2 mil

for the year.350ish down and 80ish a month.i just pay it of quick so i don't have payments in the slow months.i don't know if it's any goodbecause i never use it.

 

[outofmytree]

Gentleman, you will all need to sit down. I don't want you fainting and hurting yourselves when I tell you that over here I pay........






















$1356 p/a for $10 000 000 P/L and $3861 p/a for $75 000 of workers compensation insurance. Sigh. Anyone want to swap?

 

[chip's-tree]

cost of doing business

$850 for 1 mil of GL and $2000 for 100,000 of WC

 

[John Paul Sanborn]

20% of payroll is pretty good for W/C these days. You have to be in the pool for quite a while over here to get off and get a better rate. Last I heard pool was 22.14% of payroll.

I get my liability through West Bend Mutual

Same here, the WBM policy also includes an Errors & Omissions clause which can be helpful. It also covers most spray/fert programs without any addons.

I also got a non-owned vehicle policy, and my gear covered for around $850/$1m.

 

[outofmytree]

20% of payroll is pretty good for W/C these days. You have to be in the pool for quite a while over here to get off and get a better rate. Last I heard pool was 22.14% of payroll.




Same here, the WBM policy also includes an Errors & Omissions clause which can be helpful. It also covers most spray/fert programs without any addons.

I also got a non-owned vehicle policy, and my gear covered for around $850/$1m.

Ok, I dont want to swap! I thought 5.5% of payroll was too much for WC. I guess I have it better than I thought...

 

[bigbavarian]

This has been great guys. Thak you for taking the time to respond.

Stephen

 

[STLfirewood]

I pay $1350 FOR 1mill of GL and insurance for my dump trailer,chipper and skid steer. The 3 pieces are covered for a total of 28k. I got to choose what value I wanted to place on each piece. The wanted 24% for work comp.

Scott

 

[chip's-tree]

Your figures are showing a 2% WC rate. WC runs at least 20% for the tree biz and is usually higher. You GL is the same as I can find around here.

I need to clearify---$2016 for the first 12,000 payroll ---15% rate
this has 100,000 coverage limit..

 

[John Paul Sanborn]

They wanted 24% for work comp.

Yea, I looked into it for myself, and they wanted the percentage to come from my gross receipts.

 

[pdqdl]

That doesn't sound right.

In my experience, workers comp has always been a payroll related expense. Runs me about 40% of my tree services payroll. Annual audit, so no cheating!

Perhaps that "gross receipts" method is for guys that don't have employees. You might want to form a corportation and pay yourself wages. Make them cheap! Take your profits out the top without paying social security, workers comp, unemployment, etc.