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Insurance costs?

Discussion in 'Business Fundamentals' started by JustJeff, Sep 30, 2011.

  1. JustJeff

    JustJeff 2000 Club Member
    Messages: 2,062

    Just called my insurance agent to get a quote for GL insurance. He quoted me 2197 for six months of coverage. That seems like a lot more than I paid three or four years ago. As stated, I haven't done this in a couple of years, but does price sound like the norm for a single truck w/plow?
     
  2. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Is this including your truck insurance too?
     
  3. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    It depends on how big you are...what's your exposure? What kind of equipment do you run, and how many? How many guys do you employee? Have you had any claims, or bad track record?

    I'm a one man show, with one truck....I pay just over $400 a year for 1 Mill. of coverage. So yeah, what you were quoted seems high to me, but there are variables that you have to consider.
     
  4. JustJeff

    JustJeff 2000 Club Member
    Messages: 2,062

    Yes, this is including my regular truck insurance. I believe when he broke it down he said I was actually 1,500 for the GL policy. And yes, it's only me with one truck, not like I'm a huge company covering numerous pieces of equipment. I've made zero claims, and have a clean record, with no violations or accidents in the past three years, which is how far back they checked for insurance purposes.
     
  5. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    Yeah, I would tell him to pound sand, and move on.
     
  6. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Little high but not far off. What type of deducible do you have?
     
  7. JustJeff

    JustJeff 2000 Club Member
    Messages: 2,062

    I'm not even sure, I didn't get that far. Once he gave me the number I told him I was going to check around and get back to him, and that's when I got on here to ask if he was out of line or not.
     
  8. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    You should tell them you want at least a 1,000 deductible.
     
  9. 78Craft

    78Craft Junior Member
    Messages: 24

    that Gl for one person does seem high. With my company for a basic GL for one person plowing it is generally around $500.00 for the year. That is with an avg time of about 24 weeks of actual plow time.
     
  10. csi.northcoast

    csi.northcoast Senior Member
    Messages: 320

    heck i wish my insurance was that...but i guess it is part of doing business
     
  11. GTLS

    GTLS Member
    Messages: 65

    Repo, what does that $400 cover? I am in the same boat as Harleyjeff, as I just turned 18, and am curious about what to look for under coverage and prices to expect. Thank you
     
  12. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    Anything that is the result of plowing. I had initially asked for "slip and fall coverage", and they came back with this "umbrella" policy that would cover everything that my Commercial Auto policy didn't cover, it also picks up where my Commercial Auto limits leave off, in the event of a more severe incident. I actually just bumped my coverage to 5 Mill Saturday, my new premium is now $528.
     
  13. BlackKnight07

    BlackKnight07 Member
    Messages: 56

    Little High I pay $600 for 6 month, its just Me and One Truck.. That is with a 1k deductible
     
  14. BlackKnight07

    BlackKnight07 Member
    Messages: 56

    One more thing, Did your insurance company ask if it was " For Profit"? Sometimes its different pricing another words if ur doing it under the table, there might be a different rate..Not 100% been a few months since of talked to my Insurance guy.
     
  15. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    They don't offer 6 month policies, and they know it's seasonal....it's just like my boat insurance. It's rated as seasonal, but placed on a 12 month policy. My deductable is $500
     
  16. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    Yup, they did ask me at the begining.
     
  17. 78Craft

    78Craft Junior Member
    Messages: 24

    Slip and fall or "products and completed operations" will make the premium jump up. I always recommend it. The 450 for the year is for 1mil/2mil coverage with no employees and No deductable.
     
  18. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    Why bother carrying a GL policy if it doesn't cover slip & fall? That's just asinine.
     
  19. 78Craft

    78Craft Junior Member
    Messages: 24

    depends on the situation I guess. Also depends on if your by yourself or working for another company as a sub. Depends what they require.
     
  20. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    I would imagine your always culpable, no matter the situation. When it comes to civil lawsuits....there are no boundaries. Doesn't matter if your an employer, sub contractor, or even an employee.