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View Full Version : Liability quote - to expensive or good?


JFGauvreau
01-26-2010, 05:59 PM
Well i'm searching for a liability insurances and today I just got my first quote.

2,000,000$ coverage
14,000$ worth of equipment (theft, fire , vandalism)
1,000$ deductible

around 950$ per year.

What do u think?

lawnkingforever
01-26-2010, 06:13 PM
My annual premium is 425$, but I have half the coverage you have. I have 1 million in liability and $7500 on equipment. I was told 1 million is ok for a mostly mowing operation, which I have.

Jim Bo
01-26-2010, 06:18 PM
Get at least 5-10 estimates, you can spend half a day on the phone and email all the companies the same info. I did this last fall and ended up saving $800.00.

JFGauvreau
01-26-2010, 06:36 PM
Ya its my first quote, I will shop around lol

But ya between 1m and 2m there is only 25 bucks of difference.

NMS0219
01-26-2010, 06:44 PM
who was that quote from? Does not sound bad to me.

JFGauvreau
01-26-2010, 07:37 PM
Don't know if they offer it in the states..

http://www.cooperators.ca/

NMS0219
01-26-2010, 09:01 PM
thanks have to check it out, I deal with a broker now has like 30 companys to deal with

Total Grounds Maintenance
01-26-2010, 09:26 PM
Be careful when getting insurance. There is residential and commercial policies. I found out the hard way.

JFGauvreau
01-26-2010, 10:06 PM
Ya my quote was for commercial....

C&R_Lawn_Care
01-26-2010, 10:30 PM
mine is 1mill liabil. and 6k in inland marine equipment and its 600.00

posterlion
01-26-2010, 10:48 PM
I got two qoutes today for $1mil commercial liability and they were both $600 ish. $300K was quoted for $400. I guess that means the chance to bid on commercial jobs just cost $200.

hmmm . . .

Someone sure the #@%! has a good thing going. Maybe I should hire an actuary and start an insurance company and forget about being an LCO.

whitebp1
01-27-2010, 12:45 AM
i would also highly recomned an umbrella policy as well in addition to the normal commercial liability and dont forget to change your vehicle ins to commercial as well if not your going to be leaving yourself WIDE open if something happens in an auto accident esp if you have logos on your truck.

DA Quality Lawn & YS
01-27-2010, 12:48 AM
Everyone comparing GL quotes in here needs to keep in mind that you are not comparing apples to apples to the OP. GL has a basis (likely payroll) that will be different for him than for you. His ops may also be different than yours, and he may be getting quoted a different GL code than you. Just sayin....

JFGauvreau
01-27-2010, 02:56 PM
i would also highly recomned an umbrella policy as well in addition to the normal commercial liability and dont forget to change your vehicle ins to commercial as well if not your going to be leaving yourself WIDE open if something happens in an auto accident esp if you have logos on your truck.

I've seen the umbrella policy, what is it ?

And ya I need to get commercial for my truck, already paying 218$ per month for personal, can't imagine what it will be at commercial.

unkownfl
01-27-2010, 03:37 PM
Do you own a home?

JFGauvreau
01-27-2010, 04:09 PM
i wish but no...

LouisianaLawnboy
01-27-2010, 06:36 PM
Did you include ur vehicle?

I have 1 mil general liability for bout 700.00 a yr. I called around and that was the best deal for me. My deductible is only 250.00 though.

To insure my equipment they wanted like 500.00 for about 10,000.00 coverage.

1,000.00 is kinda high IMO.

JFGauvreau
01-27-2010, 07:26 PM
no my vehicle is not included

but I forgot to mention, it is not just a liability insurance for lawn mowing, it is for property maintenance: core aeration and driveway sealing, and the sealing part might bump up my price, since i'm dealing with hazardous materials, tar which is flammable.

LouisianaLawnboy
01-27-2010, 07:30 PM
Did you include ur vehicle?

I have 1 mil general liability for bout 700.00 a yr. I called around and that was the best deal for me. My deductible is only 250.00 though.

To insure my equipment they wanted like 500.00 for about 10,000.00 coverage.

1,000.00 is kinda high IMO.

i mean the deductible is kinda high.
Posted via Mobile Device

vanncann
01-27-2010, 07:31 PM
Truck (com. ins.) and Liability (1Mil) with 0 deductible is around $1,100 per year thru ALFA, but it is also based on income somehow.

vanncann
01-27-2010, 07:33 PM
Truck (com. ins.) and Liability (1Mil) with 0 deductible is around $1,100 per year thru ALFA, but it is also based on income somehow.

My bad not income, it is pay role...

JFGauvreau
01-27-2010, 09:25 PM
i mean the deductible is kinda high.
Posted via Mobile Device

ya i know, i wish I would get 250 for deductible, but I will continue my research, but all those companies everyones posted are probably not available in Canada lol

IndianSprings
01-27-2010, 10:17 PM
I was quoted 980.00 for one year, one million liability, with a 750.00 deductible which high. This is just for mowing services. Does anyone have any company recommendations for general liability for a mower service. We have always just done residential only doing work for fifty-sixty customers and have never carried commercial insurance, but we are expanding this year and will be bidding on several commercial contracts.

whitebp1
01-27-2010, 10:26 PM
I've seen the umbrella policy, what is it ?

And ya I need to get commercial for my truck, already paying 218$ per month for personal, can't imagine what it will be at commercial.

Another thing to check for is to make sure your not paying for tree work insurance if your not doing tree work. MY ins policy specificly asks and either covers or doesnt cover it. The amount is crazy therefore i dont do tree work. Im not talking about trimming a low branch here or there, im talkin about cutting down a full tree and having someone climb in a tree there is a difference. I was supprised myself in the cost of commercial auto insurance it wasnt that much more than my regular auto insurance and i had better coverage rates as well.

An umbrella policy in a nut shell is like this. lets say you have a 1,000,000 in gen liab for the business and 250,000 in auto coverage. and a 10,000,000 umbrella poicy which goes over both your gen liab and comm. auto( hence the term unbrella it covers above both policies) lets say you or an employee gets into an auto accident and drives through a building hits several other cars and the total to fix everthing is 400,000. your auto policy will only cover 250,000 you'll be left with a bill for 150,000 which most of us myself included cant just pay for right quick. well your screwed at this point unless you have the umbrella policy. It (the umbrella policy) will pick up the remaining amount (150,000) and pay it up to 10,000,000. the same thing goes for the gen liab if a similar situation happened. keep in mind that in todays society its REALLY easy to run up a bill of damages in either situation be it gen liab or auto, PLUS not to mention lawsuits.UGH UGH. people always end up buying as little gen liab and auto as possible b/c everyone thinks "ill never need it" it costs too much etc etc. dont worry bout if youll ever need it make sure its there for when you do. in my opinion having alot of insurance is like having to have a mower to be in business we all want the baddest fastest coolest looking most practical mower, why not the same for the insurance. umbrella here for me isnt that much sure it costs alot of money compared to nothing or something a little less but its worth it.

example true story my second year in business i was 23, just married and had a baby on the way.i had gen liab comm auto etc etc my insurance agent talked me into the umbrella policy ( i thought long and hard bout it and consulted several people i knew parents older firned etc etc before deiding to go ahead with it only b/c i didnt know if i could afford it or not through the winter months) i had 1mil gen liab and 5 mil umbrella.i was out mowing with a mulching kit on the mower (not side discharging) the neighbors came home and were getting out of the vehicle i was approx 60 or so feet away mowing and my mower kicked up a rock and hit one of the kids just below the eye. i had mowed this yard probally 30 times before this day and had never seen a rock in the yard. long story short with all the bills and lawsuits from it almost maxed out the 5mil umbrella. it was a pretty shitty deal and still is. luckily enough the kid is ok and is able to see still but has a pretty nasty scar left over from it aside from the trauma.

anyhow sorry for the long post. hope my descrption and life experience helps yo out in understanding what the umbrella is, how it works, and how important it can be.

unkownfl
01-27-2010, 11:14 PM
I have bankers 99% residential with 1% commercial. Tree work from the ground only, no grading with machinery, and a million liability coverage. I don't have to carry commercial insurance on my vehicles because of my age is only 23. The reason my age plays a factor is that it is a higher table rating then if I were to have commercial insurance. I pay 840.00 per year and thats with a gross income of less then 100,000 from the company maximum. I don't have coverage for subcontracting work either. All prices are in USD.

edit* I also have insurance for chemicals as long as it carries a caution label and not a flammable or warning label.

Bob_n_weave
01-27-2010, 11:39 PM
i would also highly recomned an umbrella policy as well in addition to the normal commercial liability and dont forget to change your vehicle ins to commercial as well if not your going to be leaving yourself WIDE open if something happens in an auto accident esp if you have logos on your truck.

and your Trailor attached that's missing a lawn mower that flew off on top of a car with kids inside and pregnant mommy. It's all over.

aird208
01-28-2010, 01:36 AM
You might want to look into commercial vehicle insurance. For myself it is actually cheaper than personal and with much better coverage.

Grass Shark
01-28-2010, 02:41 AM
My liability insurance for Jersey is $950 before the equipment... and from talking to other guys I'm pretty close to average of what there paying.

posterlion
01-28-2010, 07:14 PM
Today I had a breakthrough! I've been calling for two days to get $1mil coverage. In fact, I was beginning to think I should get less than a mil to save. money. But then . . .

I got a call back from Phoenix Insurance http://www.insurewithphoenix.com/ and was quoted $250 for a $300K one year policy and $329 for a $1mil one year policy.

I'm still thinking of just going with the $300K for $250 though. Could anyone explain the pros and cons about that?

Thanks in advance!

JFGauvreau
01-28-2010, 07:58 PM
Alright thx allot everyone for your answers! I am for sure getting a commercial auto insurance, did not know I could be less than personal tho, and I will highly consider a umbrella policy.

whitebp1
01-28-2010, 10:36 PM
and your Trailor attached that's missing a lawn mower that flew off on top of a car with kids inside and pregnant mommy. It's all over.

so true !! good addition to the opps pile!!