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premierlawncaremi
01-08-2012, 02:23 AM
Do all commercial accounts require you to have insurance? and if so what are you guys paying for it?

GreenGuysLC
01-08-2012, 03:05 AM
Most all do require it. And even if they dont you should have it. Throw one rock through a window of a 500k home and see how much you pay. Or nail that BMW and see who has to cover the cost there. As far as what it cost ... I cant remember exactly but I think I am paying Around 2k for liability and auto. Then I have another 1k in workers comp. And WC is also usually required on commercial if you have employees.

premierlawncaremi
01-08-2012, 03:10 AM
very true! is it 2k/year?

GreenGuysLC
01-08-2012, 03:19 AM
Yeah, I think it is actually more like 2400 on the year but cant remember for sure. My yearly insurance including auto, equipment, liability, and WC is 3000-3500. WC depends on your payroll in most cases.

cpllawncare
01-08-2012, 10:22 AM
From what I've seen on here the Hartford has the best rates. One question for you guys though do you carry insurance in the off season?

clayslandscape
01-08-2012, 10:48 AM
I pay around 1800 a year for business and auto Insurance. Whenever I land a new commercial job, I have to add a rider to the policy that runs roughtly $25 a year. I do not have workmans comp because of no employees.

I keep my insurance year around for I have year around contracts in place.

SSmith
05-15-2012, 09:07 AM
My 2 mil liability only policy thru Erie Ins. costs approx. $450 a year.

I do NOT insure equipment (mowers, trimmers, etc). Waste of money IMO.

Duekster
05-15-2012, 09:15 AM
GL / WC is based on Payroll. Right now it is fairly cheap but figure 11% of your payroll. The GL will often add about 15K to the payroll to cover the owner but owners are not covered by WC.

mlavin73
05-15-2012, 09:36 AM
I would highly recommend having insurance if you are cutting ANY lawns (Business or Commercial). Thankfully I have been fully insured since day 1 because my business is involved in a lawsuit because of an accident in front of an account I maintained. I was nowhere near the accident when it happened (was actually still home in bed at the time). I'm sure if the case went before a jury (which it may at some point) I would be found innocent. Anyway my insurance company has footed the bill for this lawsuit since 2008. I'm definetely getting my money's worth from my insurance. I think my total insurance bill is about $1500 a year for $1 million dollar coverage and about $1400 a year for the auto insurance with full coverage. No WC because I work by myself.

I have been in business for 6 years on my own and am confident that the $9K I gave them for insurance is less than what they have paid my attorney.

APLUS LAWN CARE
05-15-2012, 09:27 PM
I have a $2 million in liability coverage and it costs me about $600 a year if I remember right. That price does not include auto coverage, equipment coverage, or worker's compensation. I would highly recommend that you have some kind of liability insurance before doing any mowing.

BJWLAWNCARE
05-15-2012, 11:41 PM
I would highly recommend having insurance if you are cutting ANY lawns (Business or Commercial). Thankfully I have been fully insured since day 1 because my business is involved in a lawsuit because of an accident in front of an account I maintained. I was nowhere near the accident when it happened (was actually still home in bed at the time). I'm sure if the case went before a jury (which it may at some point) I would be found innocent. Anyway my insurance company has footed the bill for this lawsuit since 2008. I'm definetely getting my money's worth from my insurance. I think my total insurance bill is about $1500 a year for $1 million dollar coverage and about $1400 a year for the auto insurance with full coverage. No WC because I work by myself.

I have been in business for 6 years on my own and am confident that the $9K I gave them for insurance is less than what they have paid my attorney.

How can you be involved if you weren't there and you don't have employees? Was it after you did snow removal?

Snyder's Lawn Inc
05-15-2012, 11:55 PM
I would highly recommend having insurance if you are cutting ANY lawns (Business or Commercial). Thankfully I have been fully insured since day 1 because my business is involved in a lawsuit because of an accident in front of an account I maintained. I was nowhere near the accident when it happened (was actually still home in bed at the time). I'm sure if the case went before a jury (which it may at some point) I would be found innocent. Anyway my insurance company has footed the bill for this lawsuit since 2008. I'm definetely getting my money's worth from my insurance. I think my total insurance bill is about $1500 a year for $1 million dollar coverage and about $1400 a year for the auto insurance with full coverage. No WC because I work by myself.

I have been in business for 6 years on my own and am confident that the $9K I gave them for insurance is less than what they have paid my attorney.

1500 for 1 mil wow someone is putting it to you I pay 1500 for 5 mil

joel29m
05-16-2012, 12:00 AM
800 a year for 1 mill.
Posted via Mobile Device

Glenn Lawn Care
05-16-2012, 11:26 AM
I have a 2 million dollar policy that is around $450 a year. That covers my equipment NOT my auto or workmans comp.

Duekster
05-17-2012, 01:05 AM
I have a 2 million dollar policy that is around $450 a year. That covers my equipment NOT my auto or workmans comp.

you have 2 million dollars of equipment to insure? :confused:

What about liability, you have that too?

Glenn Lawn Care
05-17-2012, 09:50 AM
I have commercial liability insurance. My equipment is covered if it gets stolen or is lost due to a fire.

Duekster
05-17-2012, 05:27 PM
I have commercial liability insurance. My equipment is covered if it gets stolen or is lost due to a fire.

That is typically a Marine inland rider added to your GL. I have very little of that coverage. You likely do not have replacement coverage either. If you think you have coverage based on full new retail cost... then you likely have to much as they will depreciate the value then cut you a check.

I insure for about 1/3 of the new cost.

There maybe a better way of doing it. I would get quotes on both, then put the difference in the bank.