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insurance

Discussion in 'Business Fundamentals' started by DaySpring Services, Sep 21, 2005.

  1. DaySpring Services

    DaySpring Services PlowSite.com Addict
    Messages: 1,065

    How much are you guys paying for insurance, especially in New York? I'm waiting for my agent to call me back with a quote.
     
  2. mook

    mook Junior Member
    from Ohio
    Messages: 20

    good question, i'd like to know if i'm getting ripped off, lol.

    $800/year for the 2 3/4 ton trucks. full coverage + $15k to cover the equipment (plows, salters and lights). not sure exactly what the breakdown is on personal property damage, injuries and death is, but i think it's $100k/$100k/$500k.

    but that's in ohio

    oh, and i also get huge discounts on my insurance because i have all of my insurance through the same agent (health, life, personal auto, home)
     
  3. Grn Mtn

    Grn Mtn PlowSite.com Addict
    Messages: 1,644

    The big question for you is are you plowing commercially? If you are prepare to pay $3000 and up. Month ago I called 10 insurance companies, some wouldn't even touch plowing, others just said $10k do you still want me to look it up, finally others actually took the time to properly quote it(which seems to take a long time.) Out of the three that really quoted it I had a low bid of $3400, high of $1500, and the one I am most likely to go with is around $5k I think. He is getting back for the third time to me on Friday. Really the reason I'm going with the middle and not the cheapest is I believe his quote is the most accurate. Basically at the end of the year an audit is done and the insurance company decides how much more they can slam you for because your original estimate number
    was too low. Now remember this is for NY which is way high compared to other states and this is for commercial plowing. Residential only and less than 25% of your total gross would only be like $800.
     
  4. Mr.PLOWSI

    Mr.PLOWSI Member
    Messages: 33

    Try Farm Family. In NY I used them and they were the best around IMO. It's going to run you around 4,000+ for a GL and one truck with a 1,000,000 coverage, NY insurance laws are crazy so insurance companys charge for it

    Larry
     
  5. DaySpring Services

    DaySpring Services PlowSite.com Addict
    Messages: 1,065

    4 Grand. Damn its not even worth it for me. I just wanted to do something small on the side. 10 or so Driveways. I already have a full time job. I'd take a loss at that!!
     
  6. Grn Mtn

    Grn Mtn PlowSite.com Addict
    Messages: 1,644

    Now you can understand why there is so much talk about the dreaded LOWBALLER :gunsfiring: Because they will charge for beer money or whatever, and don't have the overhead of most. Then it makes it hard for those of us running a full-time business to make a profit.
     
  7. DaySpring Services

    DaySpring Services PlowSite.com Addict
    Messages: 1,065

    Makes it really hard for new guys to get into the business. I figured do it for some family and friends, then possible expand, maybe some parking lots. Just makes it really hard to get started into the business, especially the right way!!
     
  8. Grn Mtn

    Grn Mtn PlowSite.com Addict
    Messages: 1,644

    remember, I found out that if you don't do commercial and keep plowing to a small percentage of your income than you can get insurance cheapish. Like a $400 balloon to your normal coverage.
     
  9. SnowGuy73

    SnowGuy73 PlowSite Fanatic
    Messages: 24,868

    It is'nt cheap lets just put it that way!
     
  10. TRUE TURF LAWN

    TRUE TURF LAWN Senior Member
    Messages: 290

    its worth to have. :waving:
     
  11. Ken1zk

    Ken1zk Senior Member
    Messages: 192

    I gave up on commercial accounts this year. Here's why:
    3 Commercial Parking lots each less than 20 spaces and 20 residential driveways with $1M GBL insurance cost is $5200.
    35 residential driveways with $1M GBL insurance cost $875.
    Its not rocket science.
     
  12. SnowGuy73

    SnowGuy73 PlowSite Fanatic
    Messages: 24,868

    Damn, you were paying that much!
     
  13. Ken1zk

    Ken1zk Senior Member
    Messages: 192

    And never a claim in over 10 years of plowing!