Any tips on good companies, cheaper rates? Thanks for any help
General liability insurance
CCpaintWC
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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!Lambrecht said:
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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.
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.
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30,725 Posts
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
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
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.
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Yes and Yes. I'm not sure about sub contractors but I don't sub anything out anyway.
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Cliff,
You would know how it works from the other direction if you read your policy.
Oh I know it's a real PITA to do so, and I never did until it was necessary, but when we write a contract we expect those that we have it with to read it. Yet who here has completely read the contract they have with a huge industry known for ripping people off ?
You are right Bill, I have never read it. I think I would rather have a root canal...I have an outstanding commercial insurance broker/agent that I go thru who I trust to read it for me. They handle my workers comp as well. Just can't say enough good things about them.:thumbsup:
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Oh I have had some WONDERFUL agents, but what I found out (the hard way) is that most business liability policies are boil plate and we do not have many choices, except for limits per incident and aggregate and deductibles.
My agent went to bat for me on a claim, but the policy itself was, shall I say "interesting" when I read it. An agent can't do anything about the wording. It's just nice to know what you can expect from the carrier - the agent doesn't pay, the carrier does. The agent's job is to sell insurance, the carrier's job is to make money for the stock holders.
yes, root canals may perhaps be less painful than reading a policy, but I can not emphasize enough to read the policy.
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.
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UNFORTUNATELY, I do believe you are not correct.
In my policy it excludes "personal property". If that plasma was sitting on a table, it would be considered "personal property" and not covered. If it were INSTALLED (wall mount, or similar) it would be "REAL PROPERTY" and covered.
BUT, then you have the "NEGLIGENT WORKMANSHIP" exclusion to deal with (I think that is the wording, and I ain't about to pull out a policy to check)
so if you put an extension pole through the plasma, make sure you follow up with a fall off the ladder into the plasma.
It was described to me this way, the family heirloom oriental AREA rug is NOT covered, (not installed with nails etc) The cheap wall to wall is covered.
Bill, your policy may exclude any damage to personal property, but I know that our policy excludes only property in our care, custody, and control. The way I explained it in my early post was just how our insurance guy explained it to me. From what I can find online, it's pretty standard for CGL policies to have that same care, custody, and control clause.
EDIT: While I was doing research on how widespread the CCC exclusion was, I did encounter one mention of a real property versus personal property exclusion. I got the impression that it was a lot less common. But, as the people in my house point out on a regular basis, I may be mistaken.
Yeah, that whole negligence is a whole other bag of worms. Basically, those two exclusions give the insurance companies a couple of loopholes big enough to drive a truck through. It's my understanding that they would try to exclude covering the plasma screen/extension pole incident (which is fictional, by the way) on the basis of negligence, not CCC.
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I wouldn't put too much stock in that "help"... that pricing was from 9 years ago.
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