General Liability ?

Discussion in 'Business Operations' started by M D S Lawn and Snow, Mar 24, 2008.

  1. M D S Lawn and Snow

    M D S Lawn and Snow LawnSite Member
    Posts: 17

    OK i'm not sure that this is in the right place on this site or not and i'm sure there has been 1000 post about this already and i know it depends on where in the country you are but i was wondering if $724.00 per year sound right for $300,000.00 in coverage?
    It's just for General Liability nothing else no equipment coverage i've had insurance before but it was when i started out and they had everything my truck, all the equipment, my house plus my personal vehicle and i just payed the bill every month when it came in so i'm not sure what the breakdown was. i shut the business down and sold the equipment and now i'm back and need insurance again.
    I'm in Oakland County (Waterford) Michigan If this helps.

    any info would help

    Thanks in advance.
  2. mowing grass 1111

    mowing grass 1111 LawnSite Senior Member
    Posts: 433

    seems a little high to me . I pay a little over $700 for a 1,000,000 GL with $35k on the equipment. I had Erie last year and switch companies this year and saved $200
  3. VBsnow

    VBsnow LawnSite Member
    Posts: 241

    It does seem a little high if it is just you by yourself. However, I work in Va/Nc. Here it is less than half that for 2mill w/ good claim history and experience.
  4. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Posts: 8,899

    MDS - ditto the others...seems high for $300K. You might want to quote bumping up the occ. limit to $500K or better yet $1mil, just a suggestion. Should be able (many variables of course) to get those limits from $150-$400 per year, depending on the agent/company you are having quote your coverage.
  5. tamadrummer

    tamadrummer LawnSite Bronze Member
    Posts: 1,102

    This is a breakdown of what I pay for 3 mil gen liability and Inland marine Theft with a $100 deductible

    Commercial General Liability: $426

    Commercial Inland Marine: $390

    Florida Emergency trust fund surcharge: $4.00

    Florida Hurricane Catastrophe Fund Assessment: $8.00

    Emergency Florida Insurance Guaranty Association Assessment: $14.85

    Florida Insurance Guaranty Association Assessment (2006): $2.65

    For a grand total of: $845.30/yr

    IMO you are being charged too much for too little coverage!
  6. greenbaylawns

    greenbaylawns LawnSite Senior Member
    Posts: 564

    Holy Smokes!!! We have No Equipment just 2 Million General Liability $347 for the year
  7. M D S Lawn and Snow

    M D S Lawn and Snow LawnSite Member
    Posts: 17

    WOW ok i guess i will check around thanks for the info, maybe i need to call the guys you are with. Of course there is probably some law that says you have to be with a insurance company from the state which you opperate in.

  8. VBsnow

    VBsnow LawnSite Member
    Posts: 241

    Sort of, but not completely. The carrier has to be allowed to do business in the state. There are ways to circumvent that rule as well but many times it is not worth it. However, you should note that much of the cost has to do with the filings the state allows the company to make w/ them. I cannot tell you how many times I have seen a state hold up filings that would reduce the price for clients. Once recently took over two years in VA.

    Just find an agent you who has access to several companies. Avoid the place that advertises to the bad drivers. Find someone who understands business insurance and you will be fine.
  9. B & B Yardscape

    B & B Yardscape LawnSite Member
    Posts: 131

    Find a local, independent insurance agent. They can shop around for you and find the best price. Don't be in a rush however. It takes time.

    I honestly don't even know what my yearly bill is. I have 1 mil general, 1 mil unbrella, 3 trucks, equipment, workman's comp and probably, bid bonds, and proably something else. I trust my guy and know he is giving me the best deal so I pay the quarterly payment.

    The reason I don't really know is that I have been adding stuff and it is going up.
  10. jbannick18

    jbannick18 LawnSite Senior Member
    Posts: 490

    Tamad who do you have for buisness liability?

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