Insurance Pricing in NJ - Sound Good?

[Doogiegh]

Hey, I got an insurance quote as I'm looking to go into this business and want to do things the right way. How does this look?

$3000 equipment protection from theft.
$500 deductible
$300,000 worth of Liabilty coverage, annual premium is $636

If I goto $500,000 worth of liabity, annual premium is $718

And the famous $1,000,000 worth of liability coverage is $848 a year..

How does that sound to you guys? Would you change anything, like get rid of the $3000 equipment protection? I'm working by myself, so I'm careful with my trailer and have no employees to steal anything, as silly and sad as that sounds...

Should I raise the deductible to a higher level, like $750 to lower the annual premium?

What do you guys run with, if you're a sole prop. with no employees other than yourself.

Thanks
Gary

[Richard Martin]

Solo op here. I have $500,000 liability, $20,000 equipment coverage and a $500 deductable for $788 a year.

[tpl]

same here. make sure to get a high equipment coverage. And "cost of replacement" is nice too.

20000 eq (cost of replacement)
500000 coverage----minimum for me to apply herbicide

$816.43 a year.

[Harvestman]

$1,000,000 liability $10,000 equiptment. Pollution endorsment.(a must if you are spraying) $1000 deductable. $1200.00 a year .www.weisburger.com

[rodfather]

I think we pay around $1700 a year...that's for 2M umbrella policy with around 100,000 cost of replacement coverage on equipment.

Trucks and trailers are on a separate policy.

[rodfather]

Oh, I forgot, our deductable is $100 per occurance/theft/accident, etc.

[ant]

$1005.00
500,000 per occurence
1,000.000 aggregate for products-completed operation hazard
5,000 per person
50,000 per occurrence
250.00 deductible
pesticide/herbicide
farm and family
ant
n.j.

[creative concepts]

I just got my new quote today and your price sounds a little high. Mine is as follows.

GENERAL LIABILITY
1,000,000.00 each occurence - bodily injury & property damage
2,000,000.00 general aggregate
2,000,000.00 products/completed operations aggregate
1,000,000.00 personal and advertising injury
100,000.00 fire damage legal liabilty
10,000.00 medical expense

This costs me $1029.42

PROPERTY COVERAGE
30,000.00 contents coverage
30,000.00 equipment (cost of replacement)

This costs me $401.33

Workers comp is another $3,660.00
Auto covrage is another $2,500.00

I would shop around some to see if you can get better prices but it will also depend on what you are looking for and if you ever had any claims. Believe it or not, if comapny A puts in a claim for an accidental death and that is his only claim versus company B putting in multiple small dollar amount claims, company B's insurance will be higher due to the volume of claims put through.
Hope this helps.

[creative concepts]

Forgot to mention that I have a $250.00 deductible.

[tramahor]

By any chance do you know if they insure in CA, if yes I am looking to change my ins.

[creative concepts]

tramahor,

I am not sure if that question is referring to me or not but here it is.
I don't know if they do supply ins. in CA or not as I have never asked. The name of the agency that I am using is called Bollinger Ins. in Short Hills NJ. Their Phone # is 1-800-350-8005 and the agent I have been speeking with is Babara Reed at ext 1077.
I believe the actual name of the company is Ohio Casuality.
Hope this helps

[tramahor]

Thanks C.C. I will call them in the morn.....