Insurance quote

[treeman82]

I am due to re-new my insurance policy at the end of this month. I got my policy quote back for the year. Here is what it will be looking like:

1M in general liability to cover for landscaping, lawn care, tree work, and pesticides is $2,650 give or take $20.

1 workman's comp policy so that I can pay subcontractors this year is $2,000 (state fund)

1 liability policy on a pick-up truck. $4,000 give or take.

That is a lot of money to pay for so little insurance. What do you guys think, and what do you pay?

 

[Treeman14]

Its all relative. You've got to look at it as a percentage of gross sales. I'd say around ten to fifteen percent for insurance would be about right. If it makes you feel any better, I paid about $60,000 last year for insurance.

 

[treeman82]

Yeah Brett, that is a lot of money right there. A friend of mine who probably has a similarly sized operation to yours pays something like 100K per year for insurance I think. If not more. I remember that about 1 1/2 years ago when NYS said they wanted a 20% sir charge on construction trades he took a 52K increase in W/C alone. Then he is also insured for theft on all his equipment, coverage for his 5 trucks, 5 million in general liability, etc. He has something like 20 employees at this time. I just hear people scream bloody murder when I tell them how much I pay a year and thought that maybe I was getting ripped off.

 

[treeclimber165]

When I worked for myself part-time, my liability policy was only about $800 per year for $300K coverage. Based on a one-man operation and less than $50K gross per year (lots of cash jobs). I never considered higher coverage, cause virtually all my customers agreed that it would be difficult for me to do more than $300K of damage. That's more than the value of most of their houses.

Commercial liability on my truck, plus comp. and collision, maxed out at almost $2000 one year due to many tickets.

I guess prices are cheaper here in FL. But so is pay.

 

[rbtree]

treeman, get some more quotes

Or move to Washington!!!

I pay about $1650 for $2 mm on my 22000 gvw truck and Bandit 250. And base liability insurance based on first 34000 of payroll is around 1800. Workman's comp is separate out here, administered by the state, and runs around 2.00 per manhr, based on claims experience.

Now don't all you guys move out here!!!

 

[treeman82]

rbtree, The truck liability thing I can KIND of understand. Seeing as how I have only had my liscense now for about 3 years I think that I still fall under the assigned risk thing. Plus also my liscence isn't exactly perfect . I do think that is a lot of money though. What is kind of erking me about this brokerage house is that they are shifting me around like an insurance whore. Last year I had one agent, now this year they switched me over to a different agent

 

[Newfie]

Sounds like your insurance guy is changing carriers for a reason. In the insurance business it is called "churning". He writes your vehicle with a different carrier each year so that he can paid first year commission rather than just the renewal commission. It can be the difference between 50% of the premium and 20% of the premium. Its not an uncommon practice but one that is practiced by unscrupulous agents. Of course he could also be trying to save you a buck by switching you to a carrier that had smaller rate increases than your previous carrier. It's your money, ask him why the changes every year!! Don't just bend over.

 

[Stump Man]

Insurance

I had been using same insurance agent for years. Five years ago I decided to get a few quotes and fgound I could save about 30-35% with same coverage. Actually my old agent was the highest. I guess he figured he had me but found out.
Steve

 

[John Paul Sanborn]

I just got something in the mail form these people.

http://www.smallcompanyinsurance.com/