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liability $1mil

Discussion in 'Business Fundamentals' started by rayf268, Nov 22, 2006.

  1. rayf268

    rayf268 Senior Member
    Messages: 117

    I called my insurance agent up today and to bump up my liability coverage to a million and personal injury its only going to cost $200 extra every 6months . does this sound good ? I can also only have the coverage on\off at any time to save $$.
    does this sound about right .
  2. Mick

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

    Four hundred a year seems high if you taking a $300,000 policy to a million, but you need to figure it as a percentage increase in policy, not stictly dollars. So, I'd say if it amounts to a five percent increase or so, it sounds about right. The thing that puzzles me is being able to stop/start coverage. I've always heard that GL policies are written for a year-round period, regardless of whether the business was seasonal. The yearly premium was the amount due for coverage, period. That's why most guys pick something like landscaping for the summer seasonal rates, which are considerably lower than snowplowing. If I could start/stop coverage, I'd only write a six month policy and pay a half-year premium. I wish:cry: .
  3. rayf268

    rayf268 Senior Member
    Messages: 117

    with my insurance company I can make as many changes as I want and only pay for the coverages I use at any given time . So if I only want the plowing coverage from nov-march thats all I will pay for . Check out USAA thats who I use . any Vet.can be a member I am not sure about federal employees
  4. BobC

    BobC Senior Member
    Messages: 129

    Mine in NY is about the situation as Mick. I have a general liability for 2mill. that is an annual policy under landscaping that covers plowing.
  5. rayf268

    rayf268 Senior Member
    Messages: 117

    I do very little plowing [4 small lots and 10-15 drive] and work a full+ time job so for me being able to change my coverage when I need it and only pay for it when I need it is ideal .
  6. Brian Young

    Brian Young PlowSite Veteran
    Messages: 3,382

    We went from a 500k to a 1mil. policy last year and it only cost us another $36 or $46 a year.
  7. murray83

    murray83 Senior Member
    Messages: 420

    For me plowing and excavation is $2600/year 1 million in insurance.
  8. mike33

    mike33 Senior Member
    Messages: 335


    I carry 500,000 for my landscaping and plowing my agent told me 300.00 to go to 1 mil. i probably will.
  9. IndySnowPlow

    IndySnowPlow Senior Member
    from Indiana
    Messages: 214

    Keep in mind that..........Your insurance agent will base your rates on:

    1) Number of employees
    2) Gross business sales
    3) Equipment value

    and a couple other minor factors. So rates are going to be different for everyone based on the -3- factors of the business.
  10. NHJAKE

    NHJAKE Junior Member
    Messages: 14

    I carry 1mil. for plowing it cost me $ 600.........My 1 mil for lawn care cost me $ 700....Here in New Hampshire
  11. SnoFarmer

    SnoFarmer PlowSite Fanatic
    from N,E. MN
    Messages: 7,921

    On # 2?? I have never been asked how much I make by any ins agent or company??

    I'm just curious about this?

    I carry 1mill for around $115 a month.. we have 3 trucks
  12. tjlands

    tjlands Senior Member
    Messages: 574

    This is correct, every situation is different. Just make sure you are covered for what you are doing. Personally I am paying aprox 2300.00 per truck and I have ten. They are covered 12 months with landscaping and snow plowing. Liability insurance for Slip and falls
    is a separate policy. If you are plowing I would suggest both.

    About #2 yes my insurance is based on total snowplowing revenue.
  13. DeereGuy

    DeereGuy Senior Member
    Messages: 346

    Insurance has always been a guessing game for me. I just switched Companies to Nat'l Grange out of NH. I halved my expense and doubled my coverage. Go figure. I carry 1.2 mil which is standard for a woodworking contractor and the plowing is covered as well but is limited to one vehicle and I don't plow public roads. Only $790/yr... I think it has a dollar cap as well. I had been paying $1800. for 1/2 mil. coverage and it didn't include any road plowing public or private, or my woodworking shop.
  14. murray83

    murray83 Senior Member
    Messages: 420

    While on the topic,is anyone here insuring their back up trucks for 6 months a year only?

    I have herd that a local person will insure any vehicle for 6 months (i pick the start date) and thought since I plan to buy next year an old one ton with a sander or an older truck to use as a back up I'd rather insure that truck for 6 months instead of 12 and keep money in my own pocket since they will sit most of the year anyway.
  15. Bruce'sEx

    Bruce'sEx Senior Member
    Messages: 873

    Just for further reference.
    Think we were recently quoted to go from 3 million to 5, was another $110 year. Canadian funds of course.
  16. Bruce'sEx

    Bruce'sEx Senior Member
    Messages: 873

    We keep the backs up insured for year round, cause it's actually cheaper, as long as we keep think 5 autos insured yearly, we get a fleet discount. Which works out nice, for moving them around, working on them, during the off season months if things slow down.
    Last edited: Nov 23, 2006
  17. murray83

    murray83 Senior Member
    Messages: 420

    True enough,thanks for the info