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Discussion Starter · #1 ·
Just wondering what other contractors have as far as general liability insurance limits .Also what limits do you have for vehicle insurance. Anyone requiere employees to be bonded. This question is for all trades,and gcs. We do residential and light commercial projects under 1mill in size. Also for gcs and builders, do you provide builders risk ins. for structures you build on customers lot.
 

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As a remodeler, I carry $1M. Iam considering $3M as properties rise.
You have to carry commercial vehicle insurance in this state. The rate will vary as to your requirements.
Bonded employees? Where do you work?
 

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Discussion Starter · #3 ·
We carry 1mil g.l. and 500k on vehicles, a 1mill commercial vehicle policy is almost 3000 a year, 500k runs 2500. I just see the bonding as way to outshine the compitition,not realy neccessary to have.
 

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bergenbldr said:
Just wondering what other contractors have as far as general liability insurance limits .Also what limits do you have for vehicle insurance. Anyone requiere employees to be bonded. This question is for all trades,and gcs. We do residential and light commercial projects under 1mill in size. Also for gcs and builders, do you provide builders risk ins. for structures you build on customers lot.

General Liability insurance of 2 million costs me $500 per year.
Commercial vehicle insurance full coverage costs me $450 per vehicle.
 

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G.L. 2 mil $1200 yr.
Commercial auto $850 yr. per vehicle.
no job bonding but considering it very soon.
 

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Discussion Starter · #7 ·
In new jersey commercial insurance/plates are required for any vehicle used in a trade or bussiness. You have to sign statement of non-commercial use to register a truck or van privately.
 

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bergenbldr said:
In new jersey commercial insurance/plates are required for any vehicle used in a trade or bussiness. You have to sign statement of non-commercial use to register a truck or van privately.
Joyzee sounds nice. :eek:
 

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Don't over-insure yourself. It may unnecessarily harm your overhead costs.

You can raise and lower your coverage as needed. In my experience, that's dictated by the GC's varying requirements. And you don't have to jack up your coverage until you're about to sign a contract.

Oh yeah, don't underinsure either, lol.
 

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My vehicle is under personal insurance, we're only carrying $500,000 but largest job I've ever contacted was $20K
 

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Discussion Starter · #11 ·
Thanks for all the the responses,seems i have enough insurance and am paying alot for it. But so are others in my market so i guess it evens out.
 

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I have 2 million aggregate, which is 1 million per occurence. Not likley I am going to do 1 mil worth of damage roofing, unless I use open flame. My fire insurance portion of my GL coverage is only covered up to $100,000. I am using less and less open flame roofing products.

I may or may not lower that 2 million to 1 million at renewal time. Last year the jump for $350,000 to 2 million wasn't a heck of alot. We shall see come October.
 

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Discussion Starter · #13 ·
Grumpy said:
I have 2 million aggregate, which is 1 million per occurence. Not likley I am going to do 1 mil worth of damage roofing, unless I use open flame. My fire insurance portion of my GL coverage is only covered up to $100,000. I am using less and less open flame roofing products.

I may or may not lower that 2 million to 1 million at renewal time. Last year the jump for $350,000 to 2 million wasn't a heck of alot. We shall see come October.
Grumpy,i have similar fire limits on policy.I looked back at policy from 1999 and it does not have a separate limit for fire.Seems like insurers are gutting out policys buy excluding or limiting coverage for certain risks. Eventually policys won't be worth paper there printed on on.
 

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Discussion Starter · #15 · (Edited)
Grumpy said:
LOl they're not now, IMO.
Just looking over policy,it does not have separate limit for fire,but coverage for fire is excess over builders risk or other insurance covering structure. Also i noticed the aggregate limit is 3 time the each occurrance limit last policy was only 2 times.
 

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I don't have the policy active right now because i will be with the cement masons for the next few months but it will cost me $575 for 2 million general aggregate. My van is under personal insurance with personal plates. Maybe when i start rolling in the dough,i can even get my name on the side of my van :D
 

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You guys are killing me with your inexpensive 2 mil G.L.
1mil 2mil G.L. is around $1700 for owner with one guy seven homes per tract per year. Now tracts ins. is $10,000 for owner and one guy and you can do all the homes in one tract you can slam. Bonding is required $8,000 for specialty and $12,000 for GC. Which a bonding company with give out for $150 with good credit. Under a 700 fico and you pay 6-8 hundred. Now if you want a bunch of guys(if you can find them) you will pay about 5000 for every guy that makes 10,000 dollars wages.
 

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JustaFramer said:
You guys are killing me with your inexpensive 2 mil G.L.
1mil 2mil G.L. is around $1700 for owner with one guy seven homes per tract per year. Now tracts ins. is $10,000 for owner and one guy and you can do all the homes in one tract you can slam. Bonding is required $8,000 for specialty and $12,000 for GC. Which a bonding company with give out for $150 with good credit. Under a 700 fico and you pay 6-8 hundred. Now if you want a bunch of guys(if you can find them) you will pay about 5000 for every guy that makes 10,000 dollars wages.
O damn .. i forgot to mention that my Insurance is only for cabinets and trim... I have no clue what you just said. Bonding? tract? And i thought workers comp sucked. I'm glad i don't have employees .... OK i guess all i had to do was a search to find out what they mean. Isn't the internet great :D
 

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he he yeah the bonding is a Washington state requirement. If you have the money you can put it in the bank. I can't remember what the specific name for the account is but you can't touch it till one year after you business closes. Then if you want to do underground utilities I think the min. is 1 mil performance bond on top of you GC bond.
The tract insurance is G.L. without the tract/condo exclusion. Big dollars just to slam a tract house.
 
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