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Insurance.

Discussion in 'Business Fundamentals' started by ATV Plow King, Jul 27, 2009.

  1. ATV Plow King

    ATV Plow King Senior Member
    Messages: 166

    Iv been looking around to find the answer i need and cant. What type of "plowing" insurance do you need and how much coverage do you need.

    I would to to no for resi and a separate one for commercial. NOT combined.

    -Bill
     
  2. Mick

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

  3. ATV Plow King

    ATV Plow King Senior Member
    Messages: 166

    Sorry mick it was supposed to say

    I want to know what type of insurance you need for doing residential and how much coverage you need. Also what type you would need for doing commercial and how much coverage.

    -Bill
     
  4. Mick

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

    Liability and Commercial Vehicle for both. The policy itself will specify the types of accounts that will be covered - Residential, Commercial, Industrial, Municipal etc. No use having separate policies for each.
     
  5. AC2717

    AC2717 Senior Member
    Messages: 669

    Depends

    Each commercial account you bid on, might have different insurance requirements. IT all depends on them and thier history, also how large the account is. As far as residentail, I can tell you that most just care that you are insured.
    I would recommend no less than $1,000,000 in liability coverage. You would be surprised at how little the difference is between a $1,000,000 liability policy and a $100,000/$300,000 is. Also depending on the age of your truck, you can save some dough if you do not insure it for physical damage to your truck. Again that is personal preference, I have had trucks or cars in the past that were 15 years old and I have insured some for PD coverage, and some not, depends on the value to you on the truck. Keeping in mind that in the event of a loss (claim) what is the truck worth if it is totaled and is it more than what you are paying for that coverage. Also you must disclose to your agent or insurance company that you are plowing or they could cancel you for mis-representation, multiple insurance companies excluding plowing from their policies and you have to have them add it back on in order for there to be coverage for that operation
     
  6. ATV Plow King

    ATV Plow King Senior Member
    Messages: 166

    Yes i told them i am doing plow and that I just wan GL and no collision (800 dollar truck)
    I just want to be covered for slip and fall and if i hot something.
     
  7. AC2717

    AC2717 Senior Member
    Messages: 669

    $1,000,000 limit is the safest to go. Some ask how much is too much. And I often think that $1,000,000 is too much for personal auto insurance, but it depends on your Financial situations. I think just starting out this limit should be more than sufficient

    A couple of notes:
    Because remember the old saying cannot get blood from a stone or I do not have a pot to "pee" in. If you have nothing and have low or high limit insurance they will go after your insurance limit. If you have something (financially and this could be tangible or intangible) and have low insurance they will go after both, if you have something and high insurance they could still go after both.
    Moral of the Story: Remeber make sure your insurance will protect you and all your assets, as that is the most important part!

    And as far as uninsured or underinsured motorist coverage is concerned my advice is this, if you are willing to pay your insurance premium for them to give out $1,000,000 to someone you hurt, why wouldn't you give yourself the same amount if someone hits you and either do not have insurance or limits are not high enough?

    Do not forget that just because you have a commercial insurance policy that does not mean that they will protect you personally or that the person or even as low as a have wit lawyer will not attack you personally. With this economy a lot of frivolous numbers have been showing their heads in claims and questions of coverages. An Extremly good idea if you have a Corp. or a Inc. or a Trust, is to put yourself as a named insured as well on the commercial policy so in the event of a suit you personally will be covered by the commercial policy, and hopefully stopping any cross over to your personal life in all aspects. Example: ABC Lawncare and Snow Removal Inc., John Doe. Name needs to show in named insured section in order for you to be personally covered on the Commercial Policy.

    Myself, personally (not to get into detail) on a personal insurance level have started to price out personal UMB policies becasue I am getting to the point where I actually have something to loose ( Investments and other things minus the Homestead Act of Course). Also commercially you want to have your insurance set up in a way that you will be protected enough so that you will not take a hit on your personal insurance side of life.
     
    Last edited: Jul 29, 2009
  8. ATV Plow King

    ATV Plow King Senior Member
    Messages: 166

    Cool thanks.
     
  9. bigmudder77

    bigmudder77 Senior Member
    from wooster
    Messages: 125

    ya i got a million coverage its around $800 a year commercial policy
     
  10. ATV Plow King

    ATV Plow King Senior Member
    Messages: 166

    For just one truck? And what is all on your policy?


    -Bill
     
  11. bigmudder77

    bigmudder77 Senior Member
    from wooster
    Messages: 125

    not too sure didnt get the paper work in the mail yet i just said i want 1 million libility and then like $1000 dectubal or how ever its spelled on the truck mostly just for the plow cause it would be alot to replace if i hit some thing or some one with it

    but just coverage on the truck for 1000 dectubal is $50 a month and get this its a 1998 dodge 2500

    and my truck that i drive all the time is a 2002 1500 and its $90 a month same coverage

    both 4x4s and both autos with v-8s

    and my car for just libility is $40 and it was a 1990

    so it sounds like a load of crap with the ins company but thats the best price i can find with 1 wreck (not at fault) and 2 speeding tickets

    but they dont know about the speeding tickets yet cause i had the same price for a year and i told the lady that use to work there that i got a speeding ticket and she said it would raise my price but she wasnt gonna put it in cause this was her last week there and pretty much she didnt care and wanted to help me save money so i guess when and if they find out ill start shopping around for prices again but when you do shop around they know you have them and add it all in already
     
  12. AC2717

    AC2717 Senior Member
    Messages: 669

    Reasons

    A couple of reasons. The 02 is more money because it would cost more to fix the truck and the value of it is higher. Also depending on the insurance company the tickets are either automatically entered in, most places will allow you 1 in the past three years before the amend your rates to a higher teir. There are all to many factors and the only way to tell would be to quote the same truck in the same company with the same coverages and keep chaning your records. Also there are different discounts involved and some companies, depending on what type of programs, especially in Commercial Insurance, their rates significantly differ because they might want to right a certain class of business, and therefore have so many of that type of class and can afford to be cheaper than the rest. If someone wants to talk about it or has specific questions, just send me a message on my profile page, More than happy to speak with you

    One disclosure, I work as a commercial business underwriter for a insurance company, I am not a Insurance Agent, nor do I make commission on my job, nor will I push you to one company or another, just will offer advice if you want or possibly clear up questions for you if needed. Glad to help