Insurance for a single person business?

Discussion in 'Business Operations' started by queen of spades, Jul 21, 2008.

  1. queen of spades

    queen of spades LawnSite Member
    Posts: 219

    I need to carry basic liability insurance for my business, but am unsure how much to buy.

    I won't need health coverage, don't think I need chemical coverage(?), or coverage for employees that don't and won't exist. As for my equipment, I have a tandem trailer and compact tractor which is used to prepare/grade lawns, till, ect. That is all I do at this point - help with gardens and preparing lawns for seeding.
     
  2. DoetschOutdoor

    DoetschOutdoor LawnSite Bronze Member
    from S. IL
    Posts: 1,818

    Well most people get $1 million liability then what else you get is up to you. You would want insurance on your trailer and equipment so if someone rips you off you wont be forced outta business. Also, alot of insurance companies can refuse your coverage if you get in an accident using your personal truck for business. So you really need business insurance on your truck if you are using it.
     
  3. brandtb1

    brandtb1 LawnSite Member
    Posts: 153

    Doetsch is right. You need General Liability, Equipment coverage, and put your truck on a business auto policy. Some companies offer a limited exposure to chemical coverage, so I would check on that if you are eventually going to get into this. Your insurance should not be expensive.
     
  4. VBsnow

    VBsnow LawnSite Member
    Posts: 241

    Many states will require that your trailer be named on your business auto for liability coverage. When you pull it behind a personal veh. it is automatically picked up. For business use it may need to be named. Ask this question when talking w/ the agent.

    The best adive I can give you is that if you do begin to incurr payroll from employees, be sure to have enough money on hand to pay for the additional premium at audit. People will never ask for your money until you have none. Murphy's Law number #23,212
     
  5. rivercrest

    rivercrest LawnSite Member
    Posts: 4

    Can anyone steer me in the right direction ? I am starting a small weed control business in nj . I will work totally solo . Any recommendations as to what Co. I can use , and/or what basic liability will cost ?
     
  6. tedfrk

    tedfrk LawnSite Member
    Posts: 120

    i did a search online after my local insurance company said they would find out in a day about how much it would cost never got back to me and i called them 3 times .so i looked into Ted Davies and associates insurance they are not to local for us but they can give you a quote right on the phone and he always returns your calls very nice guy. 201-384-2700 www.davies-assoc.com give them a try and tell him your needs
     
  7. rivercrest

    rivercrest LawnSite Member
    Posts: 4

    I just got a second quote on my premium for a small weed control service. It was worst then the first. It is my own business . I have no employees , and my the only product I will use is Trimec. The quote was $ 1300.00 . Does anyone out there know something I don't ? This is way to high for my business income level .
     
  8. DLAWNS

    DLAWNS LawnSite Fanatic
    Posts: 5,778

    Hey man, Call Brauer, Hanson, and Izdebski. They are on Main Street in Toms River. Ask for Johanna and tell her Bill sent you. If there is anything that can be done to get you a better price, they will do it. I have all of my insurance through them and they treat me great.

    What is your company name? I am right in Manchester and do most of my work in Toms River. I don't know if you are interested, but there are a couple of areas of Toms River that I don't service so I could maybe throw some work your way. Let me know.
     
  9. DLAWNS

    DLAWNS LawnSite Fanatic
    Posts: 5,778

    If you want you can email me for their phone number or it should be easy enough to find. Either way.
     
  10. rivercrest

    rivercrest LawnSite Member
    Posts: 4

    Hi, Bill. Thanks for the info. .I actually used to have them for auto insurance. I work full-time for a Toms River co. fertilizing and weed control. I am starting a small xtra income business this coming year providing flea and tick service and weed control applications . I have mostly everything set up ,but ,I was not expecting such a high annual insurance premium . I hope they can get me a better rate ,but according to my recent research it is unlikely . Thankyou for the info. Mike
     

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