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Need some advice on current rates.

Discussion in 'Business Fundamentals' started by zlssefi, Nov 5, 2012.

  1. zlssefi

    zlssefi Senior Member
    Messages: 136

    Im looking on some info on what you guys are paying for insurance. I dont need company names or anything, but im curious if anyone has 5 million dollars of liability coverage and what it costs you. Also im looking for the going rates on 4 yard payloaders with 18 foot pushers in the northeast.

  2. BUFF

    BUFF PlowSite Fanatic
    from FR NoCo
    Messages: 9,090

    $5m GL seems to be awful high, is this driven by a customer? Most are good with $1 -2m GL, I carry $2m due to a customers request who's corporate HQ is in Ct.
  3. zlssefi

    zlssefi Senior Member
    Messages: 136

    It is high for sure but thats what the customer requires. Ive been working for them for 10 years, but now insurance companies seem to be jacking the rates up rather quickly. We havent had an accident in my 10 years in business so really theres no reason for their price increases.
  4. drew@tjs

    drew@tjs Junior Member
    from Oregon
    Messages: 6

    5 million in coverage must be for a pretty large job. If its worth it go for it, but to me it sounds like the customer is just trying to weed out some of the bids on the snow work. In the mid west the loaders with a 18' push will go for about 145-160 an hour. If it is subs your using i would try to get them for more like 125$ hr. and provide the box for them.
  5. BUFF

    BUFF PlowSite Fanatic
    from FR NoCo
    Messages: 9,090

    I found with my carrier once you went above $2m the rates did climb quickly. Imentioned I have a customer that has their corporate HQ in Ct, they were trying to get me to carry $4m GL and all I do is summer grounds care/maintianence and plow. I challenged them by saying the industry standard (in my area) of contractors in the grounds care/snow removal bizz carry $1-2m and work that I do doesn't expose me to a great deal that justifies the $4m. They did see the error in there thinking and it's never been mentioned again.

    You may want to check out Farmers Union Insurance, I have my GL with them and am happy with everything.
  6. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 166

    The $5 mill GL coverage would cost appx $15-20k here in NY. I would think it might be about the same in CT but I don't know. A $5 mill coverage limit is uncommonly high.
  7. bigboss1977

    bigboss1977 Senior Member
    from Utah
    Messages: 119

    I carry 1 - 2 Mil policy and I'm great. I only pay $540.00 a year with a $250.00 ded
  8. BUFF

    BUFF PlowSite Fanatic
    from FR NoCo
    Messages: 9,090

    We need to take into account things are a little different out west, I'm paying $580.00 a year for $2M GL