insurance

Discussion in 'Business Operations' started by husqvarna600c, Mar 8, 2004.

  1. husqvarna600c

    husqvarna600c LawnSite Member
    Posts: 103

    Is there a national insurance company out there that specializes in lco's?

    The local insurance companies here act like we are out to do great harm with our equipment.

    They recommend a minium of two million to start.
     
  2. specialtylc

    specialtylc LawnSite Bronze Member
    Posts: 1,656

    There is such a thing as being Insurane rich and cash poor. Most of my large commercial acct. only require $300,000 to $500,000. I carry a 1,000,000 liability policy. I would try to find a local agent and not get it over the phone or mail.
     
  3. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    Weisenberger..or something like that. I don't think that I spelled it correctly though
     
  4. Darryl G

    Darryl G LawnSite Fanatic
    Posts: 8,131

    Not all companies are licensed to issue policies in all states. When I started out, I had a hard time finding anyone who would insure me. Most wanted a minimum of 3 years of business records relating to revenue and claim history.

    I ended up going with National Grange Mutual. I have a 1 mil policy, 2 mil aggregate.
     
  5. husqvarna600c

    husqvarna600c LawnSite Member
    Posts: 103

    I have a place that offers it but they frown on anything less then 2 mil. and they always say people will sue you for all you have and more.They also recommend getting incorporated.

    I would like to have enough incase something drastic was to happen but i dont want to have or pay too much.
     
  6. Darryl G

    Darryl G LawnSite Fanatic
    Posts: 8,131

    Are they saying they won't insure you for less than 2 mil? If so, I'd keep looking.

    My personal insurance agent thinks I need a 1 million dollar whole life insurance policy. Not gonna happen. I went with what I could afford.

    BTW - An LLC also provides good protection...going Incorporated can kill you on taxes and is way more complicated than an LLC.
     
  7. husqvarna600c

    husqvarna600c LawnSite Member
    Posts: 103

    they will insure me for less but like you said the would like me to have a large amount.

    Everytime im done talking to the insurance company i feel underinsured and like im getting nothing for my money. And i am always reassured that i do not have enough . And the "what if" always comes up like "what if a rock flies out and kills someone?" My problem is i would like to find a company that specializes in lco's and understands what we do.

    Not just someone who could rip me off.
     
  8. Darryl G

    Darryl G LawnSite Fanatic
    Posts: 8,131

    You might want to try Farmers & Mechanics or find an independent agent, which is what I did.
     

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