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Question About Insurances

 
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Old 09-16-2009, 01:30 AM   #1
 
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Question About Insurances


Hi guys!
Hey, I have a few questions for anyone that can help. I realize that Insurance rates vary by trade, state, and other detailed info, BUT
what I'm trying to determine are the CHEAPEST worker's comp. and liability insurers out there.

I'm surprised that I'm not seeing this category on the main forum categories! It's one of the most important to the contractor's biz.


I just want a bunch of opinions on prices and Insurance company names so I can have a knowledge base to start from.

I'm a general purpose Res and Com renovation contractor. We largely do single family but I have an opportunity to bid and get an apartment complex renovation ( 40 unit).

I REALLY wish that SOME Insurance provider would offer some kind of SHORT TERM ( like 3 to 6 month) worker's comp and liability policy. I doubt there is one out there. ( beings as they want all the MONEY they can take from us )

We normally take the risk ( which is fairly low on most of the work we do ...and I KNOW that many of you would frown on this for somewhat obvious reasons ...but I like to have food on the table)
BUT, if I take this apartment job I'm going to be ( of course) required to have the insurances. It may take us 3 months to complete the ENTIRE job and then I'm probably going to back to single family ( YAWNNN ) work where I really don't always need W.C coverage because I use a family member or two on THAT work.


Long story short...I need coverage for about 3 months. If I have to pay for a whole year than most of my premium money is almost
TOTALLY WASTED !
See where I'm coming from here? I KNOW I'm not alone in this problem.
Any advice or leads would be helpful so please HELP !!! I have to have my ducks in a row on this QUICKLY ! Thanks guys !
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Old 09-16-2009, 03:32 AM   #2
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Re: Question About Insurances


Quote:
Originally Posted by RENOVATION BIZ View Post
Hi guys!
Hey, I have a few questions for anyone that can help. I realize that Insurance rates vary by trade, state, and other detailed info, BUT
what I'm trying to determine are the CHEAPEST worker's comp. and liability insurers out there.

I'm surprised that I'm not seeing this category on the main forum categories! It's one of the most important to the contractor's biz.


I just want a bunch of opinions on prices and Insurance company names so I can have a knowledge base to start from.

I'm a general purpose Res and Com renovation contractor. We largely do single family but I have an opportunity to bid and get an apartment complex renovation ( 40 unit).

I REALLY wish that SOME Insurance provider would offer some kind of SHORT TERM ( like 3 to 6 month) worker's comp and liability policy. I doubt there is one out there. ( beings as they want all the MONEY they can take from us )

We normally take the risk ( which is fairly low on most of the work we do ...and I KNOW that many of you would frown on this for somewhat obvious reasons ...but I like to have food on the table)
BUT, if I take this apartment job I'm going to be ( of course) required to have the insurances. It may take us 3 months to complete the ENTIRE job and then I'm probably going to back to single family ( YAWNNN ) work where I really don't always need W.C coverage because I use a family member or two on THAT work.


Long story short...I need coverage for about 3 months. If I have to pay for a whole year than most of my premium money is almost
TOTALLY WASTED !
See where I'm coming from here? I KNOW I'm not alone in this problem.
Any advice or leads would be helpful so please HELP !!! I have to have my ducks in a row on this QUICKLY ! Thanks guys !
Call an independent insurance broker, explain the whole thing especially the part where family members don't need insurance. No doubt he'll see it your way and cut you a break.

Gud luck. The guys who slept through the night will be around shortly to show some love.

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Old 09-16-2009, 08:37 AM   #3
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Re: Question About Insurances


I don't know where your from but, here WC is a flat fee and if you don't have any "employees" and if you don't have any claims, at the end of the year you have an audit and you get back 75% of your money so for the whole year it costs somewhere around $150. So, I think you could put that in the bid somewhere. As far as the liability Ins. just pay by the month and cancel when your done. But, if your doing ANY kind of work and getting paid you should, or NEED liability ins. unless I'm misunderstanding something.
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Old 09-16-2009, 08:52 AM   #4
 
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Re: Question About Insurances


It's one of the most important aspects of the "biz" yet you opt not to have any?

As far as the commercial issue you would probably have to take out a separate policy based on the job requirements, amounts, ect if it was outside of your normal course of operations. These policies are not done on a particular time frame but rather based on the job as a whole, your experience level, contract liability, etc. If you had insurance your agent or broker could assist you with this. It can be a little inconvenient to set up so be prepared.

If it's just you then set up your WC with you exempt (run you roughly $750) for the year. You can't do it for 3 months. If you don't want to carry it on your employees don't have employees. You can use labor service providers who will take care of this for you.

I feel sorry for anyone who works for you if you won't even protect your own family members on the job. I can only imagine how you will treat unrelated people on your job site. It's guys like you that give the rest of us a bad name in the eyes of the public and unions.
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Old 09-16-2009, 08:51 PM   #5
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Re: Question About Insurances


Hmmm... let me see, you'd like some advice but at the same time you insult my profession and in doing so insult me. Do I feel like giving some guidance now? Not really.

Maybe though, you just want insurance advice from constructors and not from insurance professionals. So, I am sure someone else will explain to you why you are still at at risk for completed operations hazard even after you are done working and off the jobsite, so you shouldn't just cancel your policy after 3 months without making sure you had that extra coverage built into your policy. If the apartment job is for a larger owner and they will be wanting you to sign their contract (instead of you using your own contract like you do for homeowners), then I am sure someone else will explain to you what to look out for in that contract. And I am sure someone else will explain to you that it is possible to buy liability insurance on a job-specific basis, and how to go about asking and getting it.

Best of luck to you in your job ventures.
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Old 09-16-2009, 10:00 PM   #6
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Re: Question About Insurances


I was just looking for my hot button when I realized you're STANDING ON IT!

Plain and simple, you need the insurance. How will you keep food on the table when your earning potential for eternity is attached after losing the lawsuit where your cousin got hurt and sued you and your customer?

It is part of the cost of doing business. It is a legal and moral obligation on your part as an employer.

The same thought process will explain how you are doing your guys a favor by paying them cash after dark, saving them oodles of tax money.

Just so you know where I am coming from.

The cost of insurance isn't going to vary too much from company to company. Spend and afternoon on the phone and get the quotes, pay your premium, do your part.

Good Luck
Dave

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