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Liability Insurance

 
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Old 09-25-2006, 10:02 AM   #1
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Liability Insurance


I've carried liability insurance since starting my paint/wallpaper business in the early 80's. I am a sole proprietor, based in Ca, that employs only myself and my wife (part-time)--who handles the wallpapering side of the business.
I pay around $2000 a year for insurance, never had to use it, and was wondering at this late stage of my business existence if it was necessary to continue having it. I'm aware that once canceling a policy, it's very difficult to re-establish coverage.
BTW, I do almost exclusively existing residential work. Interested in your guys' input.
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Old 09-25-2006, 10:31 AM   #2
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Re: Liability Insurance


Don't give up the insurance. Shop around for better rates, but keep what you have.

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Old 09-25-2006, 10:38 AM   #3
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Re: Liability Insurance


At $2000.00 a year, that is less than 50 cents per person per hour worked if you both are working all the time. If not, and only one of you works full time, its about $1.00.

Is a 50 cent or 1.00 an hour reduction in overhead (or raise in pay if you want to think of it that way) worth the exposure of no insurance?
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Old 09-25-2006, 11:28 AM   #4
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Re: Liability Insurance


Shop around may be you are over insured. Give a copy of your policy the competition. But never work with out insurance.

Anything that can go wrong will go wrong.
"The Murphy's Laws"
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Old 09-25-2006, 05:56 PM   #5
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Re: Liability Insurance


Keep the insurance...it stinks that you are paying $1300 more than I am per year! Shop around or lower your limits of coverages, but never give it up...congrats on staying in business so long and good luck.....
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Old 09-25-2006, 06:01 PM   #6
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Re: Liability Insurance


One major foul-up can ruin your whole day without it. I've had it since '89 without a claim but it's really comforting knowing that it's there if it's ever required.
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Old 09-25-2006, 07:07 PM   #7
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Re: Liability Insurance


I pay $900 per yr and get $5000 equiptment insurance with that... your rate sucks...and by the way... the day you cancel will be the week you need it.
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Old 09-25-2006, 07:12 PM   #8
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Re: Liability Insurance


Keep it
That is high though
Maybe shop around
See if you can get a discount if you don't do exteriors or powerwash or something
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Old 09-25-2006, 09:23 PM   #9
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Re: Liability Insurance


Keep it, worth the piece of mind. Some states require it to obtain/keep a license.
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Old 09-25-2006, 10:00 PM   #10
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Re: Liability Insurance


Does anyone happen to have a link or links to some business insurance sites to start the quote process. I know it takes a while to get the actual quote and in my experience, is a pain. Those of you that think you're getting a good rate, what company are you using?
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Old 09-25-2006, 10:04 PM   #11
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Re: Liability Insurance


Commerce Insurance here..
750 a year gets me 500K and tool protection.

Not sure if they are local or national though??
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Old 09-25-2006, 10:14 PM   #12
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Re: Liability Insurance


Your rate does suck. Probably because it is California. I'd be hopping mad if my liabilty ins was that much

Everett Cash Mutual (not sure what all states they do business in). I pay $350 a year for:

1,000,000 - Bodily Injury, property damage (each occurence)
1,000,000 - Personal & advertsiing Injury (each occurance)
1,000,000 - Products, Completed Work (each occurance)
50,000 ---- Fire legal liability (each occurance) (need to raise that now that I see the amount)
2,000,000 - General Agregregate and Products completed work
5,000 ----- Medical per person
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Old 09-25-2006, 10:23 PM   #13
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Re: Liability Insurance


I have 1 mill from Nova, its about 1500.00 per year, but it's for spray and etc... a friend company has 400k from old dominion for 400 per year.
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Old 09-26-2006, 05:39 AM   #14
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Re: Liability Insurance


I have National Grange and spend $700/year for 1,000,000 coverage and $2000 tool coverage. No one has come close to that, that I've gotten quotes from.

Open the yellow pages and go to the small guys, they're always better


PS- It REALLY depends on what you are telling them you do. For example: a handyman will always pay more than a true painter. (yes, we are all handymen, I know, but doing it as much as painting is the question) If you tell them you paint inside and out, sometimes pressure wash and sometimes spray, that should be relatively cheap. It's when you add words like "all the time" and "yeah, I do that too" that will affect what you pay. It's not that you want to lie to them, but you want to be realistic about what you REALLY do.

Last edited by Richard; 09-26-2006 at 05:49 AM.
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Old 09-26-2006, 11:57 AM   #15
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Re: Liability Insurance


How much does your revenue play into the cost of insurance? I pay around 400 a year but probably make a lot less than all of you (part time)

If i were to call in and say i wanted to double my projected revenue, would that cause a double in insurance costs?
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Old 09-26-2006, 07:30 PM   #16
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Re: Liability Insurance


thats a great rate R & S...been meaning to look into getting another ins. comp for liability...will have to give them a call ...thanks
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Old 09-27-2006, 08:32 AM   #17
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Re: Liability Insurance


Quote:
Originally Posted by Perfection View Post
Commerce Insurance here..
750 a year gets me 500K and tool protection.

Not sure if they are local or national though??
Oh sh !, I'm paying $1,500 for a 300/50 only for a G.L. of course I'm in Miami Fl the paradise for insurance companies.

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