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Old 02-14-2014, 09:15 PM
mlavin73 mlavin73 is offline
LawnSite Member
 
Join Date: Mar 2011
Location: Layton, NJ
Posts: 140
Here's my advice on the original question about insurance. I would not operate a business without it. A little bit about me. I started my business in 2007. I was fulltime until the end of 2008 and reduced it down to part time when my wife had our daughter. Next year when my daughter starts kindergarten I will be back at it full time. Anyway in 2009 I get a call from a constable in regards to serving me paperwork for an accident I was being sued for. I had never been in an accident so I was a bit confused and forwarded the information to my insurance company. Turns out one morning there was an accident in front of one of my accounts. I was no where near the place at the time. To make the story short, a kid pulled out of a lake community and caused a 3 car accident. The person who was most seriously injured sued the kid who caused the accident and his insurance only covered him to $500k. The injured party decided to sue the development the kid pulled out of as well as 4 or 5 other businesses. They claimed my piece, was the property I maintained partially obstructed the vision of the highway. It was a ridiculous claim since there is a 12 foot wide strip of grass prior to the entrance of the road. I had to go for depositions, etc. It turns out all the other businesses pooled together another 500K to settle it out of court. My insurance company paid out 20K on my businesses behalf. The bottom line is this. I pay roughly 2K a year on my business liability insurance (which covers liability $1 Mil / $2 Mil, all my equipment and my residential snowplow coverage). The insurance company lawyer had worked this case for about 2 years. If you look at what they spent in lawyer fees, plus the settlement amount.....it is more than the 2K I have sent them every year for the last 7 years. In my opinion insurance is too cheap not to have. Protect yourself and get insurance.
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