Insurance

[tdifonzo]

Hey Guys,
I'm kinda new to the business. Just started this July. I was curious as to how much liability insurance most guys are carrying. I started out with $500,000 in coverage and was just wondering if that was to much or not enough. What are your thoughts on this?

[GMLC]

1 million, most commercial/municipal require this much or more.

[mnglocker]

1mil is on the light side if you ask me. Insurance is cheap.

[zturncutter]

1 million 2 million aggregate at the minimum.

[HLM HustlerZ]

We're a partnership. Carrying 1 million with 2 million aggregate, it's only $300.00 a year through Nationwide.

[Georgia Lawn]

1 million is what we have as well.

[tdifonzo]

I,m not doing any commercial or municipal accounts just yet. Looks like I will bump it to 1 million though.

[JDiepstra]

I have 1 million but I think it is WAY overkill. What in God's name am I going to need 1 million in insurance to cover? I'm not going to be killing anyone or blowing their eyes out with rocks or anything like that. Some people may disagree, but I work with safety in mind.

[tdifonzo]

Those were my thought too,Jdiepstra. I'm just a small guy starting out. I thought 1 million was a little overkill.

[JDiepstra]

Originally Posted by tdifonzo

Those were my thought too,Jdiepstra. I'm just a small guy starting out. I thought 1 million was a little overkill.

I think for a smallish solo operator it's plenty. Now if I was a huge company with lots of crews and had a bunch of loaders etc for snow removal and was doing work on a much larger scale, I would think I'd want more. I think your amount of coverage should grow along with the size of the company. Especially when you start hiring the bottom of the barrel to work for you cause it's all you can find. Side note: your insurance doesn't cover stolen property and it's cheap to get that coverage added on so look into it.