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"Per-project" Insurance - Thoughts?

 
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Old 01-16-2019, 01:47 AM   #1
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"Per-project" Insurance - Thoughts?


Hey guys. I saw some facebook ad about this "trick" to pay less on insurance by paying per project. Seemed questionable at first, but I talked to one of their guys and I'm giving it a go. I have very few projects in the winter, so it seems like a good way to save.

Anyone else give this a try? Heard of another company that does this? Made a claim with this type of insurance?
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Old 01-16-2019, 01:47 AM   #2
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Re: "Per-project" Insurance - Thoughts?


Oh, the company I'm using is called Jones.

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Old 01-16-2019, 01:52 AM   #3
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Re: "Per-project" Insurance - Thoughts?


there is no free lunch....

in the long run it will not be cheaper...

you think insurance companies are not aware of this "trick"....

cost of doing business...
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Old 01-16-2019, 02:28 AM   #4
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Re: "Per-project" Insurance - Thoughts?


Quote:
Originally Posted by griz View Post
there is no free lunch....

in the long run it will not be cheaper...
I know what you mean, but instead of paying all year round, to pay for only when I need it... It's nice. Plus the agent was super cool. He had answers for all my questions and talked to me like a normal person instead of some slimy agent.
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Old 01-16-2019, 03:05 AM   #5
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Re: "Per-project" Insurance - Thoughts?


imo & experience, once you go down the rabbit hole of using "tricks" etc, to save costs, it is nothing but a downward spiral to the bottom.....

work comp, liability are not items to screw with.

one bad audit could cost you for years.
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Old 01-16-2019, 05:57 AM   #6
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Re: "Per-project" Insurance - Thoughts?


Quote:
Originally Posted by Harber View Post
Hey guys. I saw some facebook ad about this "trick" to pay less on insurance by paying per project. Seemed questionable at first, but I talked to one of their guys and I'm giving it a go. I have very few projects in the winter, so it seems like a good way to save.

Anyone else give this a try? Heard of another company that does this? Made a claim with this type of insurance?
Is this n Atlanta Georgia?
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Old 01-16-2019, 06:27 AM   #7
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Re: "Per-project" Insurance - Thoughts?


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Originally Posted by SmallTownGuy View Post
Is this n Atlanta Georgia?
Yea, it looks like they do work in Georgia. You can check them out if you want www.getjones.com

I'm happy with them so far. Be interested to hear if anyone else has used them or made a claim.
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Old 01-16-2019, 06:31 AM   #8
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Re: "Per-project" Insurance - Thoughts?


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Originally Posted by Harber View Post
Yea, it looks like they do work in Georgia. You can check them out if you want www.getjones.com

I'm happy with them so far. Be interested to hear if anyone else has used them or made a claim.
I am asking if YOU are in Atlanta GA.

No I do not need to "check them out".

smh
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Old 01-16-2019, 06:44 AM   #9
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Re: "Per-project" Insurance - Thoughts?


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I am asking if YOU are in Atlanta GA.

No I do not need to "check them out".

smh
My profile says I'm in Atlanta so what would you like to know? You want to ask all the rich white ladies why they don't want their house painted when it's chilly out? Just because there isn't snow (usually) doesn't mean there isn't a slowdown in work. Wanna ask more stupid questions? You should google Poe's Law while you're at it.
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Old 01-16-2019, 07:36 AM   #10
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Re: "Per-project" Insurance - Thoughts?


Wouldn't work for me.

There are some companies that have insurance year round and then buy separate policies for specific projects. Demo companies come to mind. They will buy an insurance policy for tearing down a single building.
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Old 01-16-2019, 10:07 AM   #11
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Re: "Per-project" Insurance - Thoughts?


For what I pay a yr for 2m liability it is not worth it to me to mess around , and I work all yr anyhow. Seems like could be a lot of hassle too.
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Old 01-16-2019, 10:59 AM   #12
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Re: "Per-project" Insurance - Thoughts?


I would forget to insure the project that needed it I can almost guarantee that. I need foolproof systems.
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Old 01-16-2019, 12:50 PM   #13
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Re: "Per-project" Insurance - Thoughts?


General liability is somewhere between .75 and 1.75% of your construction costs minus markup here. Mine is at the very low end now, was paying a about 1.25% just a few years ago. I have zero uninsured Subs now, used to be certain Subs didn't have insurance. That'll get you Walking Papers now. Not trying to pay their fair share as well

Never heard of per project, but it makes sense that you could do it. Don't think it would be cheaper and I would only do that if I did only large projects and just a few of them. If you've got 25 little jobs like a deck or a garage addition Etc for good clients throughout the year that would be a major pain in the ass

I purchase Builder's Risk insurance policies for custom homes and renovations. They are per project obviously
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Old 01-16-2019, 01:03 PM   #14
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Re: "Per-project" Insurance - Thoughts?


Quote:
Originally Posted by Harber View Post
My profile says I'm in Atlanta so what would you like to know? You want to ask all the rich white ladies why they don't want their house painted when it's chilly out? Just because there isn't snow (usually) doesn't mean there isn't a slowdown in work. Wanna ask more stupid questions? You should google Poe's Law while you're at it.
There are a number of locales named Atlanta, including one in Michigan - my state.


https://en.wikipedia.org/wiki/Atlanta,_Michigan

Jones is fairly well known, esp with the recent FB adverts.

But my thought was - thee is a small ins office just up the road from me that quite a few contractors use for short term ins.

https://www.trustusinsurance.com/

And short term ins def wouldn't be something I could use.
smh
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Last edited by SmallTownGuy; 01-16-2019 at 01:07 PM.
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Old 01-16-2019, 01:37 PM   #15
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Re: "Per-project" Insurance - Thoughts?


Way to complicated. It's just one more thing on the list to do to get a job in motion. Too many grey areas. What if some strange thing happened while you are bidding a job or go back to do an adjustment 5 years later. Or you need to go do an hour service call for a customer. A blanket policy makes your life a lot easier.
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Old 01-16-2019, 02:02 PM   #16
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Re: "Per-project" Insurance - Thoughts?


Quote:
Originally Posted by Harber View Post
Hey guys. I saw some facebook ad about this "trick" to pay less on insurance by paying per project. Seemed questionable at first, but I talked to one of their guys and I'm giving it a go. I have very few projects in the winter, so it seems like a good way to save.

Anyone else give this a try? Heard of another company that does this? Made a claim with this type of insurance?
You're actually adding costs through management and liability... and would be surprised if you're not paying more to do it...

Murphy will make sure that the one job you forgot to add it on is the one that will bite you...

Are you actually saving money doing it this way?
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Old 01-17-2019, 02:12 AM   #17
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Re: "Per-project" Insurance - Thoughts?


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Are you actually saving money doing it this way?
I am because I don't work fulltime all year. So when I'm not working, it's saving me a bunch.
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Old 01-17-2019, 09:53 AM   #18
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Re: "Per-project" Insurance - Thoughts?


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I am because I don't work fulltime all year. So when I'm not working, it's saving me a bunch.
Not really. Insurance is based on your volume.
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Old 01-17-2019, 10:39 AM   #19
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Re: "Per-project" Insurance - Thoughts?


Ive will add a specific project to my insurance for some extra coverage. That is only for projects Iím concerned with my blanket policy not covering well.

For example I did a commercial office Reno this summer that had three floors of residential above and parking below. I think it cost me less than a hundred to add more coverage for that specific project
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Old 01-20-2019, 01:23 AM   #20
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Re: "Per-project" Insurance - Thoughts?


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Not really. Insurance is based on your volume.
Insurance is based on your risk.

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