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Question about event insurance

Discussion in 'Business Fundamentals' started by cdldiesel, Jan 23, 2013.

  1. cdldiesel

    cdldiesel Junior Member
    Messages: 11

    Hello, nice to be back on the site.

    I heard that a few companies offer "event insurance" for commercial business. Seeing that we have not dropped our plows 1 time, here in chicago, this would be a much better option for many of us.

    Does anyone know if this is possible or a company offering it? I decided to work as an i c for a large company and get rid of my business. Collecting money was the full time job so i would be considered a ind contractor.

    I still cannot find reasonable insurance this company wants me to get. Its 3-4k per year and I have not been willing to pay for that with no work. I have spent days on this. Does anyone have this and a broker they can refer? I need about 500k in liability, in case i hit someone in a lot.

  2. shovelracer

    shovelracer Senior Member
    Messages: 525

    Plow riders are generally full year policies. Liability varies by company, but largely is per revenue with more companies pushing for flat rates with revenue caps every year.

    When you said event insurance I thought you meant just that. Insurance against loss in a no snow year. This exists and is snowfall based. I believe what you are asking about is basically GL or auto insurance as you need it. Even if it did exist I could see it being a world of problems.
  3. cdldiesel

    cdldiesel Junior Member
    Messages: 11

    Not good

    After today, I am really frustrated. I cannot believe that I have to spend another several thousand, just to be on a plow roster. Al I need is liability coverage for my personal truck if I plow. So now there is a chance that I cannot make a dime, based on the weather. Progressive and others tell me I need a full commercial policy.

    All I need is 500k liability for a job I may never do. I called several companies. I am asking if anyone will kindly give me a number or name of a company that may be able to help me. I cannot come up with 800.00 down payment for a job that is a possible push for another month. The employer requires they are added to this in case there is a problem. Any suggestions? I need to do something,

  4. CHPL

    CHPL Member
    Messages: 77

    Bottom line is you need insurance and don't have money to buy it. Most likely you will not find any insurance that does not require some form of payment.
  5. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 149

    Billy, if all you need is coverage for your truck while you are plowing, just buy a commercial auto policy to cover the truck and make sure plowing is covered. If you need "general liability" coverage (GL) that is a seperate policy and covers things like a trip and fall at a site after you have plowed. That is a very pricey policy here in NY and there are very few carriers willing to provide the coverage. The truck insurance however, is widely available here and lots of good companies are writing at very low rates. Find a local independent insurance agent in your area (not Allstate/State Farm etc) that represents lots of carriers and he/she will shop around for you. Good luck.
  6. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 149

    I forgot to address the "event insurance" part of your question. It's called "special events" coverage iand it's generally designed for short term, 3 day events like carnivals, fairs, etc. Snow removal GL insurance is only written for a 12 month term and it's fully earned here in NY which means no payment plan and no refunds.