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General Liability

 
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Old 11-10-2009, 09:56 PM   #21
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Re: General Liability


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Originally Posted by tigerpilot1995 View Post
I am trying to learn the ins and out of the GL part of this business. I just had an insurance agent tell me that I will pay based on ALL the money I pay out. That includes x amount for materials. I understand that I will pay based on the 100s of dollars I pay out. He says that if I pay 10k for material and 10k for labor that I will pay 20k worth of GL premium. I don't get it. I understand paying on the labor but not the material. Is this guy correct?

Ya this is right. the idea is that if you have subs they should have their own insurance. Therefore you have less risk=rate being lower. They need how much you pay each sub so they can tell who does the majority of work and can calculate accordingly. I know this is coming from our corporation. I don't know if it differs from llc's etc. Also it is through Nationwide.
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Old 11-10-2009, 09:58 PM   #22
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Re: General Liability


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Originally Posted by bdoles View Post
If you have a Farmers Bureau around you, give them a call they might be cheaper. It varies by area, but we just got a $1m policy for a little over $1k.
It also works for lower BWC rates too. Im pretty sure its the BWC or maybe it is incurance. I can't remember but yes become a member. this is true.
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Old 11-10-2009, 10:00 PM   #23
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Re: General Liability


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Originally Posted by mencheman View Post
I am a GC in manhattan , could you tell me who you deal with
I work out of Queens. I have a policy that costs around $1,800. I deal with All Island Credit Corp. Its $1M.
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Old 12-17-2009, 04:58 PM   #24
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Re: General Liability


Shopping around you can save on GL, $400 to $600 range

most of the bigger companys want EO also, it is around $1250 to $2000
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Old 12-17-2009, 05:51 PM   #25
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Re: General Liability


farm and family insurance in NH $1mil $625 year
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Old 12-17-2009, 06:30 PM   #26
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Re: General Liability


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Originally Posted by CookeCarpentry View Post
Wow, you guys in the northeast are practically stealing GL. I am paying over $1k a year, and it's only myself, and one full time and one part time employee.

But I do know here in PA, our rate is based off of type of work, what they call "exposure" (or payroll), and sales (yes, sales, they do not care what the percentage break out is between labor and materials).



I pay $1100 for 1 mil and it JUST me....

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