Insurance?

carver348

Was wanting to have coverage for a handyman business but so far the quotes have been rediculous. Could someone give me some company names to check on?

threaderman

They have what's called insurance brokers.A broker will get quotes from many companys to try to find the best rates for you.

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Patrick

Generally quotes are HIGH for a handyman business, because rather than being an expert at one particular trade, they try to do everything and there are a lot of guys that have goofed big time doing this, hence the high rates.

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Originally Posted by Celtic
Like I said...I'm sure you are very good at what you do ~ whatever that is and where ever it happens.

d-rez

Define rediculous. What have you been quoted so far? I am wondering if it is reasonable, but higher than you would like.

EricTheHandyman

I don't know whether what I pay is high or not, it was the only company that I could find who would insure me because I have "handyman" in my name. If I did the same work but called myself a GC my rates would be lower and I would have more companies to choose from for the identical coverage. Go figure.

One thing that may help is to be very specific with your broker/agent as to what jobs you will or won't do. For example, I have a fear of heights, and as such won't do roofing work, which saves me some money as I do not require coverage for roofing.

carver348

How's $1700 a year, plus $500 deductable? Is this high?

Double-A

For what? Liability? Workers' Comp, both?

What are your coverage limits?

1700 divided by 222 = 7.65 dollars/work day.

If you're billing 6 hours per day that is 1.28 dollars per hour.

I bet you're paying that much or more for a cell phone or cable TV.

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Patrick

I wish thats all i had to pay

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Originally Posted by Celtic
Like I said...I'm sure you are very good at what you do ~ whatever that is and where ever it happens.

EricTheHandyman

I pay $772 per year, liability & property damage only, $300k per occurance, $600k max per year, plus it includes some other "business" coverages for if my tools or computer get stolen, etc.

This rate is partly based on my payroll, which in my case is only me.

I got the coverage through a broker, the company I write the check to is called State Auto.

fez-head

My rates are very reasonable as a Handyman. Tell your broker exactly what you do and don't do. They may lump you in with roofing and carpentry if you do not set them straight. 90% of our work is general maintenance and repair for retail chains and franchise restaurants so I had my broker list us as maintenance man instead of carpenter. That saved a bundle.

Find a broker that specializes in commercial insurance this is the key. Cameron is my insurance carrier and charges around $1,200 for 2 million genneral aggregate (plus the all of the add-ons required for commercial work) along with $15,000 in tool coverage. Another 1 million in commercial auto is only $700 for comp & collision per year per van with a $250/ $500 deductible.

Go big on your coverage - it is not much more in cost and will allow you to take on good commercial work.

Good luck,
Jesse

wizendwizard

$6 more than what i pay for the same thing through nationwide.

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d-rez

That is rediculously CHEAP to me..... If it makes you feel any better, I pay close to $9K. Although, we do different things, and I most likely have a higher coverage, ect. -Chris

lawndart

You bet your Ass that's cheap. There are guys in this forum paying that much monthly.