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Liability insurance questions

Discussion in 'Business Fundamentals' started by gotsnow?, Jan 5, 2011.

  1. gotsnow?

    gotsnow? Senior Member
    Messages: 257

    I was just wondering what insurance company you've found w/ the most reasonable price on liability insurance for snow plowing?? And if you don't mind, what you pay per month, 1/2 a year or year for your liability insurance?
    I've tried searching this but came up empty handed on those exact questions/answers. thanks in advance, David - got snow?
     
  2. CGM Inc.

    CGM Inc. PlowSite Veteran
    from Ontario
    Messages: 3,589

    We pay approx. 680,000$ in Insurance a year.
    Very open and wide spread question, don't think you will get an answer on rates since that depends on your amount of snow work.
    We are with AVIVA
     
  3. Grassman09

    Grassman09 2000 Club Member
    Messages: 2,806

    Did you place that decimal too far? :confused:
     
  4. EvenCutLawnCare

    EvenCutLawnCare Senior Member
    Messages: 207

    You pay almost 3/4 of a million doallars a year in insurance??? That sounds a little fishy.... possible but just sounds off
     
  5. Grassman09

    Grassman09 2000 Club Member
    Messages: 2,806

    Insurance is not cheap in Canada and not everyone will take you. Once you have a claim look out they will either wana dump you or jack your rate up and hope you go else where or keep paying the high rate.

    They will also only tell you a week or two before your policy expires so you do not have allot of shopping time. :realmad:
     
  6. EvenCutLawnCare

    EvenCutLawnCare Senior Member
    Messages: 207

    Its not cheap anywhere that I know of. Just take a minute to think about the amount of equip/trucks that they must have to justify $680k in insurance
     
  7. Grassman09

    Grassman09 2000 Club Member
    Messages: 2,806

    I don't need to think about all the equipment he has, I know 1st hand what he has. But coming from the equipment side part of the insurance say you have 1million worth in equipment so you pay a premium based on that, however what are the chances it will all get stolen in one shot?

    What are the chances your insurance co is going to pay you out for all the equipment you own? I only insure my big toys and all 3 trucks. They would love to insure my trimmers push mowers blowers shovels etc as its more $$$ to them.
     
  8. CGM Inc.

    CGM Inc. PlowSite Veteran
    from Ontario
    Messages: 3,589

    Just pulling someones leg for a open question. wesport
    If I say 20,000$ it really doesn't mean anything to anyone but the people that know us and what we have in snow work.
    BTW it isn't 20,000$ either won't tell....that is confidential and not anyones business :)
     
  9. gotsnow?

    gotsnow? Senior Member
    Messages: 257

    Well, just shopping around here before I start making calls and spend hours on the phone just trying to get quotes... So can anyone at least advise, in their own experience, which insurance companies have the most reasonable rate for liability?
     
  10. What people are trying to get at is prices vary from region to region, as well as vary greatly based on what equipment you have, services you offer, time you've been in business etc, so thier rate and yours may be completely different. No need for you to spend hours on the phone.....simply call an independent agent...meaning one that works with several insurance companies....give them YOUR specifics and ask them to try to find a policy that will meet YOUR needs, and have them get back to you when they do. If you dont like that rate try a different agent.
     
    Last edited: Jan 5, 2011
  11. 78Craft

    78Craft Junior Member
    Messages: 24

    it all depends on how much you make during the year, how many employee's you have, how long the season is. In the chicago area for just you on a basic policy it can be anywhere from 460 a year for a 1mil policy without completed op's to 2k with completed ops and it goes up from there with the amount of employees and payroll.
     
  12. 78Craft

    78Craft Junior Member
    Messages: 24

    Looking that you are in IN im going to guess your rates will be similar. How much equipment do you have?
     
  13. gotsnow?

    gotsnow? Senior Member
    Messages: 257

    Just the equipment in my signature, excursion/western, ram/curtis (backup rig), snow blower. One man operation, I do this on the side to supplement my full time income as that hasn't kept up w/ inflation by any means. I have about ten accounts, on a good storm I'll be out 4 hours as one of my accounts is kinda long. You get the idea as far as income. I've been in business over three years.
     
  14. Dr Who

    Dr Who Senior Member
    Messages: 637

    I am an one man show, my truck is covered under one policy, but only when the plow is on it, when the plow is off it is under something else. This just changed this year, its kinda confuing, but I have complete coverage on the truck/plow that covers 50/20/50k in damage (that I do) or something like that.
    my liability is yet another policy, got 1m coverage and its peanuts a month. Only thing its for is road ,parking lot, drivway cleaning, including snow plowing and I made sure that snow plowing was on there.

    Check State Farm(if there in your area) , I like State Farm and have had good luck with them on prices.
     
  15. Omran

    Omran Senior Member
    from KY
    Messages: 265

    Well if I have that much of the money I will retire for good LOL. I guess your company income is about $1 billion a year