Ask your business insurance questions here

Discussion in 'Business Operations' started by Ben/Insurance, Apr 3, 2014.

  1. Ben/Insurance

    Ben/Insurance LawnSite Member
    Posts: 31

    Ben Palmeri, our resident insurance expert, is happy to answer any of your business insurance questions here. With 28 years of contracting insurance experience, Ben is vice president of a mid sized independent insurance agency in Franklin Square, Long Island currently serving the insurance needs of over 600 landscape, hardscape and related contractors. You can reach him directly at BPalmeri@Archerins.com or 516-233-3515. Post away!
     
  2. CrimsonMaintenance

    CrimsonMaintenance LawnSite Member
    from Alabama
    Posts: 68

    Where do you recommend getting reasonable workers comp? Our current carrier is dropping our industry and now I have find another insurer.
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  3. calvinslawnservices

    calvinslawnservices LawnSite Senior Member
    Posts: 806

    What does inland marine cover?
     
  4. Ben/Insurance

    Ben/Insurance LawnSite Member
    Posts: 31

    Your best resource for workers compensation is your independent insurance agent. He/she deals with multiple
    carriers and can get you the best value. We make very little
    to nothing on workers comp so best if they they handle your
    other insurance too. Ben
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  5. Ben/Insurance

    Ben/Insurance LawnSite Member
    Posts: 31

    Inland marine covers your tools and equipment..
    Ben
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  6. csbalt

    csbalt LawnSite Member
    Posts: 3

    Just registered my PA business with the Dept. of Labor and the Office of the Attorney general. i want to operate in MD as well as PA. Do i need to obtain any licenses or permits in Maryland?
     
  7. Ben/Insurance

    Ben/Insurance LawnSite Member
    Posts: 31

    csbalt, I am unable to answer your question regarding licenses or permits but I can tell you that you very likely need to maintain general liability coverage. Best to check with your local consumer affairs agency to get the details.
    Ben
     
  8. whiffyspark

    whiffyspark LawnSite Fanatic
    Posts: 6,099

    Yeah you do

    Business license. Mhic if you're doing landscaping or hardscapes.
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  9. whiffyspark

    whiffyspark LawnSite Fanatic
    Posts: 6,099

    Do you cover md?
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  10. Ben/Insurance

    Ben/Insurance LawnSite Member
    Posts: 31

    A few ways to save money on your business insurance. Insurance companies are in business to make a profit. They judge the profitability of your account on your "loss ratio". A 50% loss ratio means that for every dollar you pay them, they are paying out 50 cents in claims . Add expenses to that (lawyers, claims adjusters, etc) and that 50% loss ratio means boarderline profitability for them and big increases or worst, a cancellation for you. The best way to save money on your insurance is by letting your insurer make money. Improve your on the job safety, employee training, and pay your bills on time. I can't tell you how many times we have discussions with underwriters that begin with "this account has a poor payment history, so we really don't want to work with them". The best accounts that have zero claims and pay their bills on time (they don't wait for that cancellation notice very month), get better coverage with better terms and the best pricing. One last thing; Make sure you are working with a good independent insurance agent. Not a store front broker and not a direct/captive agent. They just don't have the access to the marketplace that an IA has. I'm running out of space, but I think you get the idea. If any one wants more info, feel free to reach out to me. BPalmeri@Archerins.com or 516-233-3515
     

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