But all of these numbers are misleading, because the exceptions and the details are hidden in just the rough premium figure.
What is that premium getting you? Tool loss coverage? Is it based on payroll, what happens if you add your first employee or your 10th employee? What about subs? What happens to your premium if more than 25% of your gross sales is going to subs? What about subs insurance coverage, what happens if a sub has less insurance coverage then you do and you let him work for you? During the audit will you be facing additional premium charges? What scope of work can you do for that premium? Can you do additions? Can you excavate?
I dont know what has happened here in Al but the premiums are out of sight if you can find them at all.
0.5 mil occurance
1.0 mil general
no completed products
personal injury 0.5 mil
fire 100 k
10K a year premium. That is the absolute best I have found after alot of searching. You wouldnt believe the number of agents who tried to sell me carpenters ins.
Please, if you know of a better rate than this in Alabama, help!
We just left a joint venture to go out on our own. We will have just my hubby and two laborers, gross receipts probably round 120,00 first yr, give or take. Ours is a primarily a framing biz, new homes. Our insurance premuim for 1mil/2mil is $5500 a year and that is CHEAP here. Also, under that policy we are excluded from doing ANY 'tract' homes. Most people doing what we're doing are paying about 10,000 a yr.
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