Insurance costs?

[trevmcrev]

I would have thought with people in the US ready to sue you for just about anything that you would be insured to the hilt but most of your coverages seem low to me. I have $10,000,000 public liability/3rd party/property damage and $1,000,000 Professional indeminity insurance costing about $3000 a year.
Then theres the trucks, chipper, stumpers,cars etc. about $5000 per year.
Then Workers Compensation insurance about $4000 per year.
Trev

 

[blaire576]

I would have thought with people in the US ready to sue you for just about anything that you would be insured to the hilt but most of your coverages seem low to me. I have $10,000,000 public liability/3rd party/property damage and $1,000,000 Professional indeminity insurance costing about $3000 a year.
Then theres the trucks, chipper, stumpers,cars etc. about $5000 per year.
Then Workers Compensation insurance about $4000 per year.
Trev

wow! man! thats big! i wonder if you could still sleep with that big!

 

[Dadatwins]

Just changed carriers, 1 million liability, sole prop, owner operator, no employees $875.00, equipment , stump grinder, saws covered by inland marine policy 15K replacement value $150.00 annual.
I turned down the extra $300.00 in terrorist insurance also. Think the cost is ridiculus. I read through the paperwork and the scary thing is what we think of terrorism and the insurance company think are two different things. We think of turban headed extremist blowing stuff up, but any act like a gunshot at the equipment that pops a fuel tank and blows up the equipment would fall under the terrorism clause and be a denied claim. Someone has a fit of road rage and drives his or her car into your work building, could fall under this new terrorism clause. Terrorism clause another way for the insurance industry to deny claims that they would have automatically paid out in the past. Really s*cks

 

[Nickrosis]

Good points about the terrorism. I would hate to own a "targeted" business or building.

Vehicles have full coverage for $20,000/year or about $900/vehicle/year. Very reasonable. We stomach the little stuff but can sleep at night knowing a truck could roll on I-94 without putting us out of business. We've observed a drop in incidents after bringing in OSHA for voluntary reviews, DATCP for critiques, our own insurance company's loss control person, and requiring a post-incident drug test.

The money saved on insurance goes straight back to all of us. I just feel bad for my parents who pay $2000/month on health insurance premiums.