Help!! Where Can I Get A Business INSURANCE??

thecook

Good day,

Hi guys im kim cook..newbie here..anyway guys, can i have your advice regarding where to get a business insurance? coz im planning to establish a new one in our town..i hope i can get any recommendations on what insurance to go through and what are you paying? I have been surfing the net to find a good and affortable business insurance which i can use.. I want to know if there are any more out there who could give out something more affordable. thank you so much.

thanks in advance.

ajpomerleau

Hi Kim,
There are several factors that are involved here. First of all, where are you located? Secondly, what type of business are you in? Do you have any employees (or will you)? Are you a corporation?

The first thing you need to do is get your business established, ie. incorporate, LLC, whatever. In Florida, we need an Occupational License from our county to have a business here so check into your area for other requirements.

Next, I would go to an insurance agent. The company I deal with is actually titled an "Insurance Company", but my accountant also is in that office. The insurance company will have the job of shopping around for the best rates for your type of work. I own a roofing and construction company, so my rates are astronomical! My premium for $1 million policy is $26 grand a year! That's only liability!.

Finally, if you are planning on having any employees, you will need to have Worker's Comp. I use an employee leasing company. It was the easiest way to get WC on roofers (very hard to get on your own!) They also take care of all the tax junk and employer stuff so all I do is fax my hours in weekly and wire transfer the money to them. They take care of the rest.

I hope some of this helps and is what you are looking for.

Andrea

Justin Fuller

occupational license - you could work under somebody elses license right?

GL insurance - easy/inexpensive unless framing or roofing or plaster

W/C - if you go with leasing depending on your company we may be able to set you up with a no money down pay as you go program. Basically what you are doing is falling under the leasing companies workers comp policy. What our company did is buy their own insurance carrier so they are self insured, then they dumped a ton of money in reserves and boosted the rating to A-. Most leasing companies run you a weekly payroll and by doing that you can pay your companies portion of taxes and your workers comp weekly with your payroll - pay as you go. I know ours doesnt lock you into a contract so you can leave at anytime.
- if you go with a stand-alone policy and run payroll and taxes yourself or through an accountant then you are putting up at least 25% of the years premium to the carrier. Then if you add employees throughout the year, you will owe money when they audit you where a leasing company will adjust the day you add an employee.