Bonding And Insurance

elvinstheman

I did do a search and didn't find exactly what I'm looking for. So...

Does anyone know about what I should expect to pay on a monthly basis for insurance and bonding (GC - $15,000 bond) in WA state?

Thanks!

A.W.Davis

You shouldnt have to pay anything a month for being bonded, its usually just an annual or bi-annual fee, I paid $199 to be bonded for two years

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A.W. Davis Construction Co.
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Your friendly remodeling contractor

elvinstheman

Thanks for the info on bonding.

How much do you all pay per month for liability insurance?

thom

Bonding is required in some states but may not mean much. It's not a bond the customer could claim. Oftentimes it's a permit fee bond which means the state/county/city might go after it but that's about all. That's why it's so cheap, a couple hundred dollars for a couple years.

Liability insurance is based on volume, type of work, sub-contractors and whether or not they carry it. In order to determine your cost, you will need to talk to an insurance agent.

Workmens compensation is probably the most expensive. Federal law requires it for 3 or more employees (I believe) but state laws can be substantially more restrictive. In NM where I operate, you are required to have it unless you always work alone, no employees, no sub-contractors, ever. Even then, if you contract to another contractor (you are a sub) the contractor who hired you must cover you with W.C. if you don't already have it.

QWIKWHIP

Minimum liability here in NY is 100,000/200,000 and I pay about $75 a month for that coverage. Since I'm just starting out and I'm a one man show, that's the most I can swing at this point. However that does also include a rider to cover lose or theft of up to $5000 for my tools and equipment.