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  #11  
Old 02-17-2007, 08:33 AM
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Prestige-Lawncare Prestige-Lawncare is offline
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I would say, that on average, the average LCO probably does carry a $1M policy. We don't want overkill on insurance, but we definitely want enough ... otherwise like said above .. you will lose everything you have.

Another question to those on here that are looking around today ... who has had a large increase in your homeowners policy! Mine jumped 83.4% this year! Yep ... from $496. (great rate a year ago) .. to $910. a year now! I understand the $496. was a good rate (why I went with Allstate a few years ago) ... but $910. is absurd ... especially an increase of that much all at once!

What other business can raise their rates that much all at once? Can we do that???

Sorry sir ... but my fee for mowing your lawn this year will have an increase from $45. per cut to $86. per cut. Thank you for the opportunity to serve you .... here's your bill!

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  #12  
Old 02-17-2007, 08:56 AM
Duekster Duekster is offline
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The State of Texas requires a 300K policy for my L/O pest control and this is good for most residential accounts.

Most commercial accounts require 1 million as a minimum many are starting to push those up to 4 million.

Lastly, look at your company structure and assets. If you are a Sole Proprietor and you run out of insurance then next thing they go after is your personal property.
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  #13  
Old 02-17-2007, 09:56 AM
lawnman_scott lawnman_scott is offline
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Quote:
Originally Posted by Prestige-Lawncare View Post
I would say, that on average, the average LCO probably does carry a $1M policy. We don't want overkill on insurance, but we definitely want enough ... otherwise like said above .. you will lose everything you have.

Another question to those on here that are looking around today ... who has had a large increase in your homeowners policy! Mine jumped 83.4% this year! Yep ... from $496. (great rate a year ago) .. to $910. a year now! I understand the $496. was a good rate (why I went with Allstate a few years ago) ... but $910. is absurd ... especially an increase of that much all at once!

What other business can raise their rates that much all at once? Can we do that???

Sorry sir ... but my fee for mowing your lawn this year will have an increase from $45. per cut to $86. per cut. Thank you for the opportunity to serve you .... here's your bill!

I carry 1 million, but......... as far as homeowners, I would kill to have yours. I sold the house I lived in where I was paying $750 a year. The house I bought is worth just under double the previous house. So I was expecting to pay about double. I forgot though that a hurricane hit an underground city 3 states away, so not I am paying $2800 a year.
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  #14  
Old 02-17-2007, 10:26 AM
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Prestige-Lawncare Prestige-Lawncare is offline
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Quote:
Originally Posted by lawnman_scott View Post
I carry 1 million, but......... as far as homeowners, I would kill to have yours. I sold the house I lived in where I was paying $750 a year. The house I bought is worth just under double the previous house. So I was expecting to pay about double. I forgot though that a hurricane hit an underground city 3 states away, so not I am paying $2800 a year.
Dang (nice word for a cuss word) ... $2800. a year! I just called my brother who lives 5 miles from me ... has a house of about the same price range (maybe a tad less then mine) ... and the same insurance company and agent ... and his went up, but not near as much as mine did.
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  #15  
Old 02-17-2007, 10:34 AM
jeffscap jeffscap is offline
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Quote:
Originally Posted by GElawn View Post
I am starting this spring and have 1 large account, they requested that I have liability insurance. How much should I carry?


This insurance really cuts into my profit margin, and I am not sure if I want to take on another account, with being I am just starting out in this biz.
Go with the 1M,the price difference isn't much and it is well worth the money.
I don't know what part of MICH you are in, but around South Lyon,Ann Arbor,
most new housing subdivisions the houses start @ 1M . It wouldn't take long to add up. If you do commercial it has to be higher on some accounts.
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  #16  
Old 02-17-2007, 10:43 AM
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echeandia echeandia is offline
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Quote:
Originally Posted by Wells View Post
The price is going to vary from insurance company to insurance company but for $300,000 your probably looking around $600 or less per year or $50 per month. Well worth the expence.
My $1 Million coverage is just $640 per year.
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  #17  
Old 02-17-2007, 11:31 AM
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sildoc sildoc is offline
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Location: Eagle Point, Oregon
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Quote:
Originally Posted by GElawn View Post

This insurance really cuts into my profit margin, and I am not sure if I want to take on another account, with being I am just starting out in this biz.
Sounds as if you don't have insurance you don't even have this job.
I have a 2 mil policy because of one commercial account. I would go with a 1 mil policy. My 2 mil policy costs me 463 a year with a 4 mil ag.
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  #18  
Old 02-17-2007, 11:42 AM
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cpel2004 cpel2004 is offline
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Good topic, does any of you guys have work's comp for your employee's. Is it financed through a payroll company and what are the cost. I know I need it but it is so expensive its based upon your overall payroll.
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  #19  
Old 02-17-2007, 11:54 AM
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wnccutter wnccutter is offline
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Join Date: Jul 2004
Location: North Carolina
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Quote:
Originally Posted by GElawn View Post
I am starting this spring and have 1 large account, they requested that I have liability insurance. How much should I carry?

I have contacted my local insurance co. , they gave me some choices of 100,000 300,000 500,000 100,000,000 the difference in price from the lowest to the highest amount is about 250. Do I need this insurance for just one account?

This insurance really cuts into my profit margin, and I am not sure if I want to take on another account, with being I am just starting out in this biz.
...go with 1mil...I have governmental and commercial accounts and that covers it all...

Get workers comp as well...there is a basic entry level amount that is fairly cheap...

Not having this coverage will hold you back and COST you money in the long run...remember...you have to spend money to make money...some expenses are a better value than others and IMO insurance is "good" value...
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  #20  
Old 02-17-2007, 12:01 PM
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Wells Wells is offline
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Quote:
Originally Posted by echeandia View Post
My $1 Million coverage is just $640 per year.
Wish I had your rate, I pay right around $800 per year for 1 Mil.
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