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What r u paying for Liability Insurance

8511 Views 20 Replies 10 Participants Last post by  Grumpy
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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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!
Liability all depends on your revenue. The more work you do the more you pay. We do about 1.5 mil per year.
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.
Ours is at 2 mil because we commonly work on homes worth well over 1 mil.
1 mil GL is about $500 for carpenters in IL, that's absed on a minimum fee however. The actual rate is based on your total yearly sales, so even for 1 mil coverage that premium can go way up if you are selling 4 mil a year.

Your trade is a big fator, your sales are another big factor.
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