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Old 12-09-2009, 10:23 AM   #1
 
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what is a good company to use to insure my business for 5-10 thousand dollars also anyone no of any good bonding companys
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Old 12-09-2009, 12:21 PM   #2
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5-10 thousand? Are you painting houses? You need about 1,000,000 each occurrence, same for personal liability and 2-3,000,000 for general aggregate
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Old 12-09-2009, 12:34 PM   #3
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Find a broker, they know what best for your business needs in your area.
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Old 12-09-2009, 02:31 PM   #4
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Quote:
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what is a good company to use to insure my business for 5-10 thousand dollars also anyone no of any good bonding companys
Kelly please feel free to go >>>>here and post an intro telling us all about yourself and your business model, it is a great way for us to get to know you a little bit better.
Sounds like you are used to doing NC and you mentioned something about Alabama. Well in this part a million is pretty standard to covering your butt if something happens. 5 or 10 would not be acceptable to the builders I have worked for.
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Old 12-09-2009, 03:15 PM   #5
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what is a good company to use to insure my business for 5-10 thousand dollars also anyone no of any good bonding companys
Im pretty sure the minimum is 300,000 per but 1,000,000 coverage is only about $50 more a year through my insurance guy. I pay about $580 a year and is absolutely necessary for anyone that wants to have a business.
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Old 12-09-2009, 05:46 PM   #6
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..........nevermind
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Old 12-09-2009, 06:15 PM   #7
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Im pretty sure the minimum is 300,000 per but 1,000,000 coverage is only about $50 more a year through my insurance guy. I pay about $580 a year and is absolutely necessary for anyone that wants to have a business.
That's a pretty good price for insurance. Mine runs me $1050/yr for $2,000,000 general liability
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Old 12-09-2009, 09:45 PM   #8
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Kelly, not to bust your nutz, and Sean, (Workaholic), has given you a few pointers about posting,...but you're raising a few eyebrows here.

What good is a 5 or 10 thousand dollar policy? (Tools?) Much less, I dont know of any reputable insurance co who would even consider issuing a coverage policy for that amount..

Do you have any idea what different liability policies are issued for in terms of what they cover? Roadog gave you a general idea of what you should have.

And as far as bonding goes, it's been a long time since I've even seen something as small as a 25 thousand dollar company bond.

Do yourself a favor, let us know what you're trying to do, general business info/business model, etc., and I'm willing to bet there will be guys here to help advise you. Until then, I think most of us are just going .
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Old 12-09-2009, 10:05 PM   #9
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That's a pretty good price for insurance. Mine runs me $1050/yr for $2,000,000 general liability
My coverage is for 1,000,000 per occurance up to 2,000,000 but it does not cover my tools if left on the job. If it were to cover my tools it would be about twice as much. Usually I only leave ladders and I lock them up so I figured why pay an additional $500 to insure a few ladders.
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Old 12-09-2009, 10:46 PM   #10
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Got mine down to 750 per year for 2 million, not bad
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Old 12-09-2009, 11:05 PM   #11
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Originally Posted by capitalcity painting View Post
My coverage is for 1,000,000 per occurance up to 2,000,000 but it does not cover my tools if left on the job. If it were to cover my tools it would be about twice as much. Usually I only leave ladders and I lock them up so I figured why pay an additional $500 to insure a few ladders.
That makes sense, I wouldn't want to spend $500/yr insuring a few ladders either!

I have a tool floater on mine because I usually have about 10G worth of equipment on the site - also $2 Mil occurrance, $2 mil aggregate, non-owned automobile, medical expense, broad form completed operations +. Probably don't need it all but better safe than sorry!
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Old 12-09-2009, 11:53 PM   #12
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well, besides the good advice about coverage limits, you did ask about companies.

DO NOT SIGN UP WITH LIBERTY MUTUALATE ahhhhh excuse me, LIBERTY MUTUAL.

But beside that, talk to an agent that you can trust (just like Elin trusts Tiger). The insurance industry varies so greatly from state to state that there is no generic best answer.



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Old 12-10-2009, 12:19 AM   #13
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Mine runs me $1050/yr for $2,000,000 general liability
Mine is the same, $2 mill for $1,100 per year, sole-proprietorship.

A strange thing about the insurance policy: The premium goes up if one has a good year, but never goes down if one has a not-so-good year
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Old 12-10-2009, 09:22 AM   #14
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Inland Marine is good for tool coverage.
Find a local insurance company that can handle all your insurance needs if possible.
Rates can vary each year, I get audited every year and rates are based on payroll and sales.
Don't forget about Workers Comp insurance.
Some may need an additional rider if working on pre 1978 homes next year.
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