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Insurance question.

Discussion in 'Business Fundamentals' started by Premier, Nov 18, 2013.

  1. Premier

    Premier Senior Member
    Messages: 274

    I have a client that is requesting a 3 mil contractor policy and a 3 mil auto policy. this is a new thing they are doing we currently carry a 1 mil on each and a rider that covers another 1 mil on each policy. my agent said they dont have policies that can go that high. is this true? we are currently using state farm. any other recommended companies out there?
     
  2. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    I hope your getting paid a lot if you can find that type of coverage. May not be worth.
     
  3. Mr.Markus

    Mr.Markus PlowSite Fanatic
    Messages: 5,180

    I don't know the american system but could you not add $1 mil umbrella (+1mil to your $1 mil rider). 1 policy that carries over each to meet the requirement.
     
  4. Premier

    Premier Senior Member
    Messages: 274

    The company is going to pay the difference on my insurance premiums for the entire year.
    Ive been doing this a long time now and I have never herd of anybody wanting that high of coverage.
     
  5. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    Premier, it's scary to think that your State Farm agent cannot help you with this. You simply need either a $2 mill Commercial Umbrella policy or an Excess Liability policy also for $2 mill. The Umbrella is relatively inexpensive and widely available. If your State Farm agent can't help you, contact a local independent insurance agent. It's a peanut butter and jelly sandwich. Good luck
    Ben/Insurance
     
  6. Mr.Markus

    Mr.Markus PlowSite Fanatic
    Messages: 5,180

    What he said.....more eloquently than me.LOL
     
  7. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Upon further review,yep your right.