What r u paying for Liability Insurance

The last time I checked into a $1 million GL in Montana it was around $900.

sady said:

I have $1 million coverage and I pay $1500.00 here in Massachusetts. Hanover Insurance Company and I never have had a claim. Knock on wood.

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New Jersey, co-owned LLC finished carpenty buisness, no workmans comp, $1900 for a 1 mill policy.

Teetor & Teetor, Inc. GC est. 1968. Claims 0. Coverage 4M. Cost $1600.00. FL.

Roofers have it real bad. I got a quote the other day $16,000 for 1 mil. Problem is we often work on homes worth well over 1 mil so we need 2 mil coverage. That's just liability. I think WC is somewhere at 45% of payroll.

Oh yeah one claim since I've been with the company on WC. Moron cut into his hand. How is that our fault? Grrrrr!

They wanted $5000.00

Grumpy said:

Roofers have it real bad. I got a quote the other day $16,000 for 1 mil. Problem is we often work on homes worth well over 1 mil so we need 2 mil coverage. That's just liability. I think WC is somewhere at 45% of payroll.

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roofers are paying $5000.00 here in Ma.

Liability all depends on your revenue. The more work you do the more you pay. We do about 1.5 mil per year.

The only quote I've been able to get so far starts at $10,000/year for new home construction - supposedly because of mold claims - this is ridiculous.

Mold is the cause though. Some insurers wont touch home builders because of mold and some that do insure builders have mold exclusions.

Mold is F'ing up our industry. It's an issue with roofing insurance as well.

$900 for 1 million in StL

I am paying $10,000/Year Minimum. For Roofing. Been in business since 1997, no claims. Avg sales $500,000.00. Insurance is a license to steal.

I just had to up my roofing insurance up from $500K to $1 million due to one of my builders requiring it now due to the mold problem

At $300K it was $1,740 a year, at $500K it was $2,000ish, now at $1 million it's around $2,300.

I'm owner operator with no employees. Been with my business for 3 years partners with my father for 3 years and he has owned his business for over 20 years, zero claims.

Ours is at 2 mil because we commonly work on homes worth well over 1 mil.

Jeez my heart sank listening to this litany. I was wondering about liability insurance for the little job I'm looking at now. What kind of insurance do I have to get for a crew of say five guys doing simple remodels. No roofing, no new construction, just demolition, framing, electric, plumbing, drywall and paint. How much would I have to invest to be safe. I'm not doing $1.5 mil a year. I'm just trying to get this thing off the ground. Heck I don't have any insurance right now, I just have to be careful. I can't depend on the whole crew being careful and not running to the hospital every time they get a sledge hammer blow to the skull. Cry babies.

Simon, if you don't own anything or ever hope to own anything just keep going the way that you are going. Something is bound to happen sooner or later and without ins. it's all going to fall around your neck. If you can get to the Cayman Islands prior to your court date, they don't have extridition.
With 5 employees, you need to play ball. Do you have/should have Worker's Comp?
I suggest that you contact SCORE and it sounds as though you may have to get a loan through your local bank or SBA to launch your business. Flying without a net could ruin your whole life.

I'm getting the impression. This is a dangerous business, no doubt. I'm taking a step back. I've got some good experience and a good head for business. What I need is a launch pad. I think I'll start with the local Builder's Assoc. Those fellows wouldn't lead me astray. An the other hand, the Cayman Islands doesn't sound all that bad. Got any horror stories to keep me scared? I fell through my own ceiling from the attic and caught myself before I hit the pile of nails and boards below. The splinter that was removed from my index finger looked like an inch long pencil lead. Luckily I had insurance then and I can still play the guitar!

It is all based upon gross sales, payroll and type of work out here in CA.

We do $1mil a year gross, have about $200K in employee salary I have a renewal quote sitting on my desk right now for a $1mil policy $11.5K for the year and we kind of downplay the work we do.

Workers comp is a total different story, with 6 guys on the books, we spend an average of $3,200 a month, depending on the trades they perform.

Gotta get out of CA!

tncontractor said:

The only quote I've been able to get so far starts at $10,000/year for new home construction - supposedly because of mold claims - this is ridiculous.

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Are you new in the buisness. My first three years are quoted to me at 28k a year.

Shoot, I am getting robbed. I mil - $6000 here in FL