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Ideas For Start Up

 
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Old 07-06-2017, 01:16 PM   #21
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Re: Ideas For Start Up


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Originally Posted by serafino View Post
I am also trying to start up. I will be renting machines and using brokers for the trucking, as well as hiring an operator. What kind of insurance would I need and for how much? Thanks
serafino,
As far as insurance goes, a very general rule of thumb is, if the loss (accident, damage to equipment, legal suit) is more than you can pay you should get insurance for it if you can.

For example, if you could not pay to replace equipment that was damaged while you were renting it then you should have coverage for that.

I do not know you whole situation and therefore cannot tell everything that you would need, however, from what you have said the following might be helpful.
You might look into:
A General Liability policy. (Basic limits are usually 1 million/ 2 million but depending on how much work or how big of jobs you are planning you might need to go higher)
Equipment Rental insurance (to match the value of the of the rented equipment. )
Workers Compensation insurance (to cover any injuries employees might experience)
Business Property (for smaller tools and equipment that you might own in your business)
*again, this is not an complete list of what you would need, just some things to look into based on what you have shared thus far.

It is hard to tell you exactly how much the insurance would cost without knowing more. Premiums would vary from state to state and would also depend upon the specific amounts of insurance that you need.

It would also be worthy your time to get a safety manual in place, even if there are only a handful of employees. Some insurers look favorably on risk proactive risk management.
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Old 07-06-2017, 02:10 PM   #22
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Re: Ideas For Start Up


Thanks for all the input

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