up front insurance

Discussion in 'Lawn Mowing' started by rdh, Mar 6, 2001.

  1. rdh

    rdh LawnSite Senior Member
    Posts: 394

    i have noticed some here pay over $1000.00 for insurance.
    do you have to pay that in one payment or is there a # of
    payments to do this .
    i plan on cutting soon i have not got all my trailer money saved up and if this is a one lump deal .i may have to skip the trailer and work out of my truck.
    im talking about insurance for mowing ,like a flying rock
    or worse.
     
  2. gene gls

    gene gls LawnSite Gold Member
    Posts: 3,213

    My payments are monthly.
    Gene
     
  3. SDF250

    SDF250 LawnSite Member
    Posts: 88

    rdh

    10 pay 2 up front the norm

    some co. can do a 12 pay program

    if done over the phone 1st payment 15 to 30 days out

    if you pay "500" a year personal truck ins.
    its worth getting comm. ins. for the truck also cause it will most likely drop to 350 - 400 and lower the rate on the biz insurance. biz itself "700" truck and biz "500"

     
  4. TJLC

    TJLC LawnSite Bronze Member
    Posts: 1,308

    If I remember correctly, when I first got commerical ins. I put a certain percentage down and then the balance in monthly installments.
     
  5. Just Cut

    Just Cut LawnSite Member
    Posts: 158

    25% down of the total premium and quarterly payments is the schedule that I am on.
     
  6. 1MajorTom

    1MajorTom Senior Moderator
    Posts: 6,073


    We pay in one lump sum for the year. We could break it down into payments, but I try to keep our number of monthly payments to a minimum. Pay it all at once and be done with it is my philosophy.
     
  7. Runner

    Runner LawnSite Fanatic
    Posts: 13,494

    That's not to mention that it is cheaper that way because you are not paying the "service fee" every payment. Many companies will give a discount on top of this for paying all ahead.
     
  8. Island Lawn

    Island Lawn LawnSite Senior Member
    Posts: 632

    I signed up for insurance after some researching and shopping around, and getting turned away at some places because they dont do lawn sevices.

    I have Hartford 1 mil general liab w/ a contractors stretch for my equip (inc. cpt)
    $760 year
    I set up to pay quarterly (but may change to monthly later)

    All done w/no $ down.
     
  9. thefarmer4

    thefarmer4 LawnSite Member
    Posts: 71

    My insurance is only $325 for the year. I don't know why its so low compared to some of You.

    I have $1,000,000 in Liability and $5,000 for theft and damge for equip.

    We don't apply pesticides, maybe thats were the difference is.
     
  10. kutnkru

    kutnkru LawnSite Silver Member
    Posts: 2,662

    Just as Jodi does, pay it all in one lump sum. We just set it aside in a savings account as its collected and then in the spring we transfer the funds and cut them a check.

    Hope this helps.
    Kris
     

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