Insurance

pruane

Any of you Jersey guys have GL rates you can share, I am shopping. Looking for some names too.

GoodPainter

Hey pruane,

If you are talkn liability ins. it varies alot
Im in Penna
I went to my auto ins. agency for it (im a painter) but had to go with a different company then my auto
I went thru Erie, the premium is $370/yr for $500k, $420/yr for a 1mil policy basic meaning i didnt add tool ins. and it doesnt cover for scissors lifts and some others. They also ask about your driving history and criminal history (which i have) they said they couldnt cover they would have to go w/ another carrier--but then they called back and said they got clearance

Had a friend that did flooring and about 2 yrs ago he said he paid bout the same

Ins rates vary from region and type of work. they go but how many claims for type of work and that sorta stuff

__________________
Robert Good
It's Your Life-Make Fun Of It!
http://www.robertgoodpainting.com

Grumpy

Rates vary from type of work to be done (trade) to type of building to be worked on (commercial, residential 5+ stories, multi family, single family). Call some brokers in your area and ask for quotes.

When shopping for insurance it's sometimes hard to get an apples to apples comparison. Don't automatically go with whom ever promises the lowest premium because all premiums are sunject to audit... meaning after your first year if you do better than the insurance broker listed, you will end up owing a nice big fat check to the insurance company.

The scenario I described in the above paragraph is common for businesses first starting out. I don't know if this is you, but just food for thought.

GoodPainter

Grumpy could you please break this one down for me a bit, I don't truly understand...do you mean gross sales???

thanx
Robert

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Robert Good
It's Your Life-Make Fun Of It!
http://www.robertgoodpainting.com

kdub1777

Can you get liability insurance from a company out of your area? I have only checked with local agents and my prices are extreme compared to most of your prices. Are there national companies that might pick up me up for cheaper?

I hope I didn't hijack the thread, just another point of view.

hunterstreet

As long as your agent/broker is licensed in your state, and the insurance company is licensed in your state, you can buy it. However you will always be rated by the zip code/city where your business is located!

PipeGuy

My GL premiums are tied to my payroll. Monthly premiums are estimated by the insurer and paid by me based on my estimated gross payroll for each GL classification. A year end audit is performed and if I underestimated the payroll than I 'underpaid' the insurer and 'owe' an additional premium amount. Whether or not the additional premium (or refund) is large is a function of the extent to which the payrol is under (or over) estimated.

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Fortunately I keep my feathers numbered for...for just such an emergency. -Foghorn Leghorn

Bob Kovacs

Last time I looked into it, for around $2k/year you could get $1 million coverage for a gross sales volume of up to $1 mil/year. You could have up to 3 employees, and subcontract no more than 15% of your volume. If you went over the 15%, the rate jumped to over $20,000/year.

What kind of numbers are you seeing that you consider "extreme"?

Bob

GoodPainter

Thanx Pipe guy

I understand now, it is just weird that it works that way--I had no idea!

The more ya MAKE the more they TAKE

just like ""TAXES""

Robert

__________________
Robert Good
It's Your Life-Make Fun Of It!
http://www.robertgoodpainting.com