1. Welcome to PlowSite. Notice a fresh look and new features? It’s now easier to share photos and videos, find popular topics fast, and enjoy expanded user profiles. If you have any questions, click HELP at the top or bottom of any page, or send an email to help@plowsite.com. We welcome your feedback.

    Dismiss Notice

how much (Umbrella coverage) Insurance do you Have ?

Discussion in 'Business Fundamentals' started by andre6410, Jan 22, 2014.

  1. andre6410

    andre6410 Junior Member
    from pa
    Messages: 1

    I had a customer want me to bump mine up from 1 million to 5 million.
  2. fireball

    fireball PlowSite.com Veteran
    Messages: 545

    seems like a reasonable request. Someone broke the 750,000 apple logo at the apple store in NYC. According to the news media, damage was caused with a snow blower. I can hear it now, Ah boss, I broke a window with the snow blower, we might be running a little late
  3. Boomer123

    Boomer123 Senior Member
    Messages: 371

    My normal insurance policy is for 2 mil and then I have an umbrella for another 1 mil.
  4. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 166

    It usually depends on a couple of factors. One, if your company has significant assets (property, cash, equipment, etc) you need a good umbrella policy. $ 1mill is the lowest coverage limit and I've seen $100 million umbrella policies also. Two, if your customer, GC, municipality, or similar requires a certain umbrella coverage limit. As an example, it is not uncommon for many of our clients to be required to maintain $5 mill umbrella coverage frorm a GC that subs out a lot of work to them. The same thing goes for building owners in NYC. Many building owners require even $10 mill umbrellas of our contracting clients. I hope that helps.
  5. SnoFarmer

    SnoFarmer PlowSite Fanatic
    from N,E. MN
    Messages: 9,883

    For the avg small/med snow operation a 2mill umbrella is more than enough.

    Umbrella insurance provides reassurance and protection against lawsuits and claims that exceed the limits of your other insurance policies.

    1mill liability (snowplowing)
    Last edited: Jan 24, 2014
  6. Herm Witte

    Herm Witte Senior Member
    Messages: 595

    3 million excess
  7. Mr.Markus

    Mr.Markus PlowSite Fanatic
    Messages: 5,779

    I have $2m GL with a $3m umbrella, it allows me to bid contracts with a $5m requirement. Todays court rulings and insurance settlements are crazy. 1 accident can wipe out your company.
  8. JimMarshall

    JimMarshall Senior Member
    from NW PA
    Messages: 786

    We have 1M CGL and 4M Umbrella
  9. SnoFarmer

    SnoFarmer PlowSite Fanatic
    from N,E. MN
    Messages: 9,883

    "1 accident can wipe out your company. "

    The AVG slip and fall is settled for around 30k.
    No where close to a million.
    Total out someones car 20-40k with out injures.

    The only time a million is going to come into play is if you are negligent and kill someone.
    or for nonfeasance .

    The business does a mill in business a day and they couldn't do business because you didn't plow.

    This requiring 5mill for the avg snow plowers is over the top.
  10. OldSchoolPSD

    OldSchoolPSD Senior Member
    Messages: 242

    I carry 5 million. Most government contacts require that much, so I carry it year round anyways.
  11. Mr.Markus

    Mr.Markus PlowSite Fanatic
    Messages: 5,779

    Acccidents happen..I know of an instance that occurrd on a beautiful sunny day involving a truck and train. The truck didn't see the train and hit it enough to derail it, last I heard the claim was up to 12m from the railroad... to increase from 1m to 2 mil was maybe $200 on my policy. The additional umbrella was worth it as well. It exceeds my assets.
    .......and the value of my dogs.Thumbs Up