Ballpark Cost Of General Liability Insurance?

 
Thread Tools Search this Thread Display Modes
Old 09-15-2007, 04:05 AM   #1
Registered User
 
PMW's Avatar
 
Trade: general contractor/ carpentry
Join Date: Sep 2007
Posts: 7
Rewards Points: 10

Ballpark Cost Of General Liability Insurance?


I am just getting ready to renew my general contracting license after retiring from my job at an air force base where I have worked for the past 20 years. I let it expire in '95. I am out of the loop as far as what things cost right now and want to have an idea of what to expect. I got my general contracting license back in the 70's and have always ran a two man company. I am now looking to go back into business with my 23 year old son who is a framer. We will be partners in the business and plan on not having any employees and most of our work will be finish carpentry and some framing. What is a ballpark amount I can expect to pay for general liability insurance these days? Any answers are much appreciated, thankyou.
PMW is offline  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   
 

Old 09-15-2007, 07:19 AM   #2
smartazz contractor
 
mtp's Avatar
 
Trade: commercial interiors
Join Date: Feb 2005
Location: The peoples republic of Connecticut
Posts: 81
Rewards Points: 75

Re: Ballpark Cost Of General Liability Insurance?


varies on location but you proly want to sit down for the answers

mtp is offline  
Old 09-15-2007, 08:10 AM   #3
Pro
 
finehomes's Avatar
 
Trade: Builder/Developer
Join Date: Feb 2007
Location: Kaysville, Utah
Posts: 204
Rewards Points: 150

Re: Ballpark Cost Of General Liability Insurance?


Mine runs about $1,500 a month!!!!!
finehomes is offline  
Old 09-15-2007, 09:00 AM   #4
Knowledge Factory
 
Floordude's Avatar
 
Trade: Certified Floorcovering Failure Investigator
Join Date: Aug 2007
Location: Austin, Texas
Posts: 1,359
Rewards Points: 500

Re: Ballpark Cost Of General Liability Insurance?


I have Hartford GL insurance. It runs me $99 a month, if I make payments, and $1100 a year if I pay it in full.
__________________
**Education is the key to success. Learn more, earn more.**
http://www.AustinFloorguy.com
Floordude is offline  
Old 09-15-2007, 09:45 AM   #5
Back from the dead...
 
ProWallGuy's Avatar
 
Trade: Paperhanger/Painter
Join Date: Oct 2003
Location: St. Louis, MO
Posts: 6,642
Rewards Points: 2,504

Re: Ballpark Cost Of General Liability Insurance?


$1000 +/- annually for painting/hanging in MO.
ProWallGuy is offline  
Old 09-15-2007, 10:10 AM   #6
Pro
 
finehomes's Avatar
 
Trade: Builder/Developer
Join Date: Feb 2007
Location: Kaysville, Utah
Posts: 204
Rewards Points: 150

Re: Ballpark Cost Of General Liability Insurance?


So...so far I'm the only other General that has anwered his question??? Of course mine is way off the charts cuz I'm building several million a year in volume and builders rates are usually based on volume. I also develop land have to cover liability on any vacant land we have in inventory at any given time. Currently have have about 8 acres we are working on.

Anyway...hopefully some more generals will anwer so you can get a more realistic idea of what you can expect.
finehomes is offline  
Old 09-15-2007, 10:27 AM   #7
Pro
 
We Fix Houses's Avatar
 
Trade: Remodeling / Carpentry
Join Date: Aug 2007
Location: Greensboro, NC
Posts: 1,226
Rewards Points: 640

Re: Ballpark Cost Of General Liability Insurance?


I was a licensed home improvement contractor in Maryland for ten years. I was in the mfg business for the past 8 years in NC until all the work went overseas. I'm now back in the trade in NC doing small - med sized jobs. Myself and a helper when needed.

I just researched and obtained GL coverage. Pretty much the same as before in Maryland. Mine is about 3% of gross sales for Carpentry NOC (no other class). Exclusive roofing, siding and a few other jobs will be assessed a greater amount upon the yearly audit.

The ins agent will ask about your biz and $ volume etc. I paid 1/3 up front.Then nine monthly payments. For a small acct the agent may ask you to move your auto and homeowners policy to them. In MD they did but they didn't ask in this latest go round.

Last edited by We Fix Houses; 09-15-2007 at 10:37 AM.
We Fix Houses is offline  
Old 09-15-2007, 04:52 PM   #8
Registered User
 
PMW's Avatar
 
Trade: general contractor/ carpentry
Join Date: Sep 2007
Posts: 7
Rewards Points: 10

Re: Ballpark Cost Of General Liability Insurance?


Ok I sure appreciate everybodys answers. My goal is to have a small family business that my boy can take over in a few years completely and I can just spend most of my time fly fishing but still have a job when I feel like working. I actually enjoy the work quite a bit and so does my boy so getting rich isn't really the goal, but making a decent profit would be nice. I am located in Utah. I have a couple meetings set up with a couple differant insurance angents and I will see what they tell me. I was hoping I could get away with a year of general liability for 1,500 a year or less. When I get some actual numbers I will post them. Thanks again for everybody's responses.
PMW is offline  
Old 09-15-2007, 05:55 PM   #9
Pro
 
RCPainting's Avatar
 
Trade: Painting in Utah
Join Date: Jan 2006
Location: Southern Utah
Posts: 916

Re: Ballpark Cost Of General Liability Insurance?


Welcome to the forum PMW! Nice to another fellow Utahn here, a lot of the fine folks you'll meet here are from the east. What part of Utah?
RCPainting is offline  
Old 09-15-2007, 07:59 PM   #10
Pro
 
finehomes's Avatar
 
Trade: Builder/Developer
Join Date: Feb 2007
Location: Kaysville, Utah
Posts: 204
Rewards Points: 150

Re: Ballpark Cost Of General Liability Insurance?


Utah as well here. You'll find it is getting harder and harder to find GL for general contractors here in utah. the company I was with for 10 years just up and dropped me and a bunch of other contractors about 5 years ago....just decided they didn't want to do contractor GL anymore. I am with a company in Salt Lake now Called The Buckner Company. Great to work with and very good rates. I'd highly recommend them if you need somewhere to go. My agent there is Beat (pronounced Bee Ought).... great guy and always available...which is always a plus.

If you are just mostly doing finish work ....I think your rates will be pretty decent as your volume of work will be relatively low. Start doing much framing and getting employees....and I think you will see it go up a bit.... Anyway....The market here is still going pretty strong...so its a good time to jump back in!!!! What part of the state are you in? I moved my business to Richfield from Utah County area a couple years ago.


Sam
finehomes is offline  
Old 09-15-2007, 11:31 PM   #11
EVIL GENIUS
 
Michaeljp86's Avatar
 
Trade: General Contractor, electrical, fabrication, & welding
Join Date: Apr 2007
Location: Southwest Michigan The welfare wonderland
Posts: 2,348
Rewards Points: 1,002
Send a message via AIM to Michaeljp86

Re: Ballpark Cost Of General Liability Insurance?


mine is about $30 a month, but since Ive been license for a few months my policy is for making $10,000 a year and covers uo $300,000 I think it was. After 4 months Im supposed to change my policy if I think Ill make more then $10,000 this year.
Michaeljp86 is offline  
Old 09-15-2007, 11:55 PM   #12
Registered User
 
PMW's Avatar
 
Trade: general contractor/ carpentry
Join Date: Sep 2007
Posts: 7
Rewards Points: 10

Re: Ballpark Cost Of General Liability Insurance?


Great, yeah I have heard that I should stay away from having employees so I am gonna try and just keep things small with me and my son. But yeah thanks for the advice on going with Buckner, I beleive they have an office here in Ogden. I am from the Ogden area.
PMW is offline  
Old 09-16-2007, 01:04 AM   #13
Pro
 
dirt diggler's Avatar
 
Trade: contractor
Join Date: May 2006
Location: east
Posts: 3,309
Rewards Points: 2,000

Re: Ballpark Cost Of General Liability Insurance?


Quote:
Originally Posted by PMW View Post
Ok I sure appreciate everybodys answers. My goal is to have a small family business that my boy can take over in a few years completely and I can just spend most of my time fly fishing but still have a job when I feel like working. I actually enjoy the work quite a bit and so does my boy so getting rich isn't really the goal, but making a decent profit would be nice. I am located in Utah. I have a couple meetings set up with a couple differant insurance angents and I will see what they tell me. I was hoping I could get away with a year of general liability for 1,500 a year or less. When I get some actual numbers I will post them. Thanks again for everybody's responses.
why do you plan on not having any employees?
dirt diggler is offline  
Old 09-16-2007, 01:54 AM   #14
AbriamBarkerCarpentry
 
AbeBarker's Avatar
 
Trade: Carpenter
Join Date: Jan 2007
Location: Revere, MA
Posts: 190
Rewards Points: 150

Re: Ballpark Cost Of General Liability Insurance?


Quote:
Originally Posted by PMW View Post
Great, yeah I have heard that I should stay away from having employees so I am gonna try and just keep things small with me and my son. But yeah thanks for the advice on going with Buckner, I beleive they have an office here in Ogden. I am from the Ogden area.
You know any Barkers from North Ogden? My peeps came over from Norfolk England and settled North Ogden.

I was paying here in very exspensive Massachusettes $900 per year which is scary cheap. I suspect if I was to make a cliam there would be a dogfight. but now that I'm paying subcontractors I'm to pay more based on the audit they will give me at the end of the year.

However I took a rental car up Ogden canyon last month and visited Huntsville Utah. Downright beutifull, freindly people and SLOW! Hope my info helps.

Abe Barker
AbeBarker is offline  
Old 09-16-2007, 02:45 AM   #15
Registered User
 
PMW's Avatar
 
Trade: general contractor/ carpentry
Join Date: Sep 2007
Posts: 7
Rewards Points: 10

Re: Ballpark Cost Of General Liability Insurance?


Quote:
Originally Posted by AbeBarker View Post
You know any Barkers from North Ogden? My peeps came over from Norfolk England and settled North Ogden.

I was paying here in very exspensive Massachusettes $900 per year which is scary cheap. I suspect if I was to make a cliam there would be a dogfight. but now that I'm paying subcontractors I'm to pay more based on the audit they will give me at the end of the year.

However I took a rental car up Ogden canyon last month and visited Huntsville Utah. Downright beutifull, freindly people and SLOW! Hope my info helps.

Abe Barker
Yeah, I am actually from Pleasant View which is next door to North Ogden. But yeah I know quite a few Barker families from Pleasant View and North Ogden. I beleive the Barker family was one of the families that settled Pleasant View as well back in the day. Yeah I enjoy it here, very beautiful place to live.
PMW is offline  
Old 09-16-2007, 03:03 AM   #16
Registered User
 
PMW's Avatar
 
Trade: general contractor/ carpentry
Join Date: Sep 2007
Posts: 7
Rewards Points: 10

Re: Ballpark Cost Of General Liability Insurance?


Quote:
Originally Posted by dirt diggler View Post
why do you plan on not having any employees?
Well like I said, I am retired, and am more interested in starting small and getting a business rolling for me and my boy so he can take it over completely in a few years. I am sure once business started rolling in I would be open to hiring some employees, especially since my boy prefers framing to finish carpentry, but starting off I just hope I can find enough work to keep me and him busy. I have learned that bigger doesn't always mean better in construction, and from what I hear, workman's comp insurance is pretty pricey these days.
PMW is offline  
Old 09-16-2007, 07:47 AM   #17
AbriamBarkerCarpentry
 
AbeBarker's Avatar
 
Trade: Carpenter
Join Date: Jan 2007
Location: Revere, MA
Posts: 190
Rewards Points: 150

Re: Ballpark Cost Of General Liability Insurance?


Quote:
Originally Posted by PMW View Post
Yeah, I am actually from Pleasant View which is next door to North Ogden. But yeah I know quite a few Barker families from Pleasant View and North Ogden. I beleive the Barker family was one of the families that settled Pleasant View as well back in the day. Yeah I enjoy it here, very beautiful place to live.
Are they short, stocky, and do they enjoy a good fist fight? Or was this a trait carried by just my grandfathers family line?
AbeBarker is offline  
Old 09-16-2007, 06:34 PM   #18
Carpenter
 
RizzoMaryland's Avatar
 
Trade: General Contractor
Join Date: Feb 2007
Location: Maryland
Posts: 514
Rewards Points: 500

Re: Ballpark Cost Of General Liability Insurance?


$2,000,000 General Liability
No workers comp
GC policy in Maryland

$61/month....
RizzoMaryland is offline  
Old 09-16-2007, 08:03 PM   #19
Registered User
 
PMW's Avatar
 
Trade: general contractor/ carpentry
Join Date: Sep 2007
Posts: 7
Rewards Points: 10

Re: Ballpark Cost Of General Liability Insurance?


Quote:
Originally Posted by RizzoMaryland View Post
$2,000,000 General Liability
No workers comp
GC policy in Maryland

$61/month....
Wow!! That is a great rate!
PMW is offline  
Old 09-16-2007, 09:46 PM   #20
Knowledge Factory
 
Floordude's Avatar
 
Trade: Certified Floorcovering Failure Investigator
Join Date: Aug 2007
Location: Austin, Texas
Posts: 1,359
Rewards Points: 500

Re: Ballpark Cost Of General Liability Insurance?


Quote:
Originally Posted by RizzoMaryland View Post
$2,000,000 General Liability
No workers comp
GC policy in Maryland

$61/month....

I need to shop around!!!!

__________________
**Education is the key to success. Learn more, earn more.**
http://www.AustinFloorguy.com
Floordude is offline  


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Subcontract C.C.R. Business 6 04-27-2007 01:24 PM
general liability insurance mcexcavating General Discussion 15 10-29-2006 11:30 AM
General liability insurance mcexcavating Excavation & Site Work 1 10-28-2006 09:47 PM
Liability Insurance sgrprince Painting & Finish Work 16 10-15-2006 06:07 PM
liability insurance lweezcj Painting & Finish Work 16 09-27-2006 09:32 AM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?