Insurance

Discussion in 'Heavy Equipment & Pavement' started by Fieldman12, Nov 11, 2007.

  1. Fieldman12

    Fieldman12 LawnSite Bronze Member
    Posts: 1,504

    Im starting to get into jobs that customers want that would require me to have some type of excavating insurance. I been trying to take just small jobs in areas I know nothing is around to tear up or dig into. What can I expect to pay for insurance a year for skid steer work. I though I have seen the number of $2,000.00 a year pop up on here before. Is that about as cheap as it gets? Is there any type of insurance I can get for just part of the year? I prefer to take the bad monts off.
     
  2. bobbyg18

    bobbyg18 LawnSite Member
    Posts: 166

    fieldman, my insurance is about $1000 per year but im classified as LAND GRADING business not excavation...i know i cant dig more than 3 ft...and no utility work...

    i have my 1st claim and im battling w/ the insurance company...i broke a hydraulic line and it the oil sprayed on the house...i didnt even notice it...the cust callls back a wk later and said im at fault...

    so be careful, get insured before you start any contract work...there are just too many potential problems...even if you think your being cafeful **** happens...
     
  3. Fieldman12

    Fieldman12 LawnSite Bronze Member
    Posts: 1,504

    That may be the type of insurance I try to get because I should not be going more than 3' deep. Basically just grading and things like that is what I will be doing. If you dont mind me asking who are you going through and up to how much dollars in damage do they cover? What about deductible?
     
  4. bobcat_ron

    bobcat_ron LawnSite Fanatic
    Posts: 10,084

    I only pay $800 for my insurance, it includes: 1 million dollar liability cosmetic demolition coverage, rental/stolen equipment.

    I never had to use it, but it's a nice feeling knowing it's there.
     
  5. bobbyg18

    bobbyg18 LawnSite Member
    Posts: 166

    1 million in liability insurance...500 deductable...
     
  6. SiteSolutions

    SiteSolutions LawnSite Bronze Member
    Posts: 1,114

    I've got liability, commercial auto on two trucks, and a policy on my loader. Runs about $3000 for "Grading of Land"

    As to why to get 1,000,000 policy: hit a gas line between two half million dollar houses, and you'll need every penny of it.

    Oh, and I hear that if you ever use it, you'll lose it anyway, it's pretty much a one shot deal. Then you have to go out of business and start over.

    I don't know how much they want to clean up a little hydraulic oil but I would probably try to fix that one myself if I could rather than put it on the insurance guys. Like all insurance, commercial general liability is a big racket that is designed to profit the insurance company, not help the small business owner. You start spending their money and its gonna be your money in the long run anyway.
     
  7. ksss

    ksss LawnSite Fanatic
    Posts: 7,126

    With liability and vehicles and equipment I am around $7,500 a year. I have not had an insurance claim since 1996. Thats a 3 mil liability and a mil on each vehicle. It ads up and it is a huge racket. It pisses me off just thinking about it.
     
  8. bobcat_ron

    bobcat_ron LawnSite Fanatic
    Posts: 10,084

    You need Geico!!
     
  9. Fieldman12

    Fieldman12 LawnSite Bronze Member
    Posts: 1,504

    Do most of you on here have a LLC or some type of corporation name? I had a business once and had all the stuff to look after. This early in the game I would rather not get a business name until I see things are going fine. Just wondering if I can still get insurance under my personal name or will they require a business name. I know the benefits of having a business name and so on but this early I just dont see the point untill I see things are working fine.
     
  10. RockSet N' Grade

    RockSet N' Grade LawnSite Silver Member
    Posts: 2,454

    Fieldman.....do it now. Don't wait till you are so busy you can't breath.....since you have some time, this is the time to go after it and at least get all the paperwork/learning in order. Once you have it all together, you can file or whatever anytime........get it done now. As for me, I am dumb, dumb and dumber......I operate as a sole proprietor and have unlimited exposure. An LLC would be a good thing. I have had to shift my assets to other areas being a sole proprietor.....the smarter thing to do would be a shell of protection in the way of an LLC.
     

Share This Page