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insurance?

Discussion in 'Business Fundamentals' started by killed300ex, Apr 29, 2004.

  1. killed300ex

    killed300ex Senior Member
    Messages: 293

    were are u guys geting insurance for your companies? I am thinking of starting up a plowing company next winter and need to look into isurance ect and was wondering what the going rate for isurance was and were most of you are going thanks
    evan
     
  2. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    There has been much written about insurance, but I'll try to help you as much as I can. For companies to contact, you might try Erie Insurance. I use Middlesex Mutual Assurance out of Middlesex, Conn for Liability Insurance and Progressive for Commercial Vehicle Insurance. Your best bet will be to have an independent agent try to find insurance for you. You'll have better luck getting vehicle insurance than General Liability, but I wouldn't advise plowing without either.

    Your rate for General Liability will be based mostly on:
    1. Your location
    2. Your experience in the industry
    3. The types of accounts you'll be plowing
    4. Your age
    5. Your history of claims (any history of claims will likely keep you from getting insurance at any price. Many people who have been in the industry for several years are being cancelled after one claim).

    Not that it has anything to do with the rate you'll get, but I pay $646/yr for $300,00 for General Liability. I'm 54 yrs old with a clean driving record, four year industry history with no claims and live in a rural area of Maine. My insurance actually DECREASED by about 20% this year. I also pay about $1300/yr for Commercial Vehicle on a '90 Dodge 1/2 ton and a '96 Chevy one ton.