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General liability insurance

22K views 39 replies 19 participants last post by  PApaints  
#1 ·
Any tips on good companies, cheaper rates? Thanks for any help
 
#2 ·
I go through an independent insurance agent and have my policy with the Contractors Bonding & Insurance Company (CBIC).

General liability coverage of $2,000,000 ($884) and a bond of $15,000 ($150) per year.

I'm rated on doing interior painting only.
 
#39 · (Edited)
I go through an independent insurance agent and have my policy with the Contractors Bonding & Insurance Company (CBIC).

General liability insurance coverage of $2,000,000 ($884) and a bond of $15,000 ($150) per year.

I'm rated on doing interior painting only.
thanks for the help, I was also looking for painting contractor insurance its help me alot in selecting
 
#8 ·
Around renewal time I get a flurry of stuff in the mail from other companies wanting me to switch. I like my agent plus I've never had a rate increase so I'm happy where I am.
 
#9 ·
So I got my state farm quote today. General liability 1,000,000 / 2,000,000 $279 for the year. I was paying around $800 in pa (not sure if it differs from state to state.) A $10,000 bond for $100.

I don't remember how much the business auto was but I switched my personal auto to them from Allstate and save $50 a month.
 
#16 ·
My company American Family has been good ,the agent makes the difference, but they dropped my coverage because we do exteriors and spray. Make sure you have that in your policy. Many companies will not cover exterior spray. It might be best to deal with a business only insurance company.
 
#19 ·
You getting screwed on your insurance. Yours sounds like basic run of the mill paint contractor insurance which should be around 6- 700 a year. I would suggests spending a little time and finding a different company.
 
#20 ·
Alot of commercial g.c.s are requiring an additional insured which is another $100or so per job as well as an umbrella policy which just cost me another $750 per year for a 5 million dollar policy.
I rank insurance cos. right there with lawyers and architects.Below whale s...
Ask the Sandy survivors what they think about ins. cos.
 
#22 ·
kmp said:
Alot of commercial g.c.s are requiring an additional insured which is another $100or so per job as well as an umbrella policy which just cost me another $750 per year for a 5 million dollar policy.
I rank insurance cos. right there with lawyers and architects.Below whale s...
Ask the Sandy survivors what they think about ins. cos.
Do you need 5 mil in the umbrella? I have 1 mil.
 
#23 ·
Lambrecht said:
You getting screwed on your insurance. Yours sounds like basic run of the mill paint contractor insurance which should be around 6- 700 a year. I would suggests spending a little time and finding a different company.
It all depends on your exposure. If you're a OMS then you might get a policy for $700, but once you have employees, blanket additional insured, etc it goes up. It does pay to shop around though. My co I had for the last 3-4 years kept going up so I looked around this year and saved almost a grand. Nice. Of course I noticed after the fact that my deductible is now a grand, so I hope nothing happens!
 
#26 ·
Just want to update what I previously posted. The State Farm rate I got was a mistake Apparently they entered the quote in for the wrong category. The underwriters finally caught it and I got a cancellation notice in the mail.

I saw my agent yesterday and got re-quoted, it came out to $1,200 a year. I knew it was to good to be true.
 
#27 ·
Ryan,

Have you read the policy - CAREFULLY.

Can you damage "personal" property and be covered? Will you be covered for mistakes due to your workmanship?

I think you will find that is a sub contractor of yours damages something, you will be covered.

I can't wait for the time when business liability is no longer an issue for me. I have found from experience it's a total scam
 
#28 ·
I think you will find that is a sub contractor of yours damages something, you will be covered.
The few contractors that we sub for require us to list them on our policy as "additionally insured". We do not use any subs so I don't know how it works from the other direction.

Our liability rates have always been based on the number of full time or part time employees, subject to audit each year.
 
#35 ·
Gough said:
The one to watch for is the "care, custody, and control" clause. I think that's probably the biggest surprise to contractors. In most case, if a contractor damages a client's personal property while it is in the contractor's care, custody, or control, his contractor's policy won't cover it. In other words, if I'm moving their plasma screen and drop it, I'm out of luck. If I put a roller extension pole through it, I'm covered.
That's crazy! I'm gonna have to look at it again to see if thats in there.