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Business Insurance in Texas....

Discussion in 'Business Operations' started by LoneStarLawn, Jun 8, 2001.

  1. LoneStarLawn

    LoneStarLawn LawnSite Bronze Member
    Messages: 1,415

    Looking for a new agency for insurance...ours is $850 for 1M, with additional insurer. Is there a better deal out there in Texas? We have State Farm.
  2. Freetime

    Freetime LawnSite Member
    Messages: 112

    What are you covered for now, general liability, inland marine (theft), truck liability. General liability is hard to find, as there is not much in it for the companies and normally large claims to pay. (Then you get dropped)

    Try Farm Bureau or RISC (state wide) out of Dallas for general liability, Firemans Fund for inland Marine

    $850.00 x 12 = $10,200?

    $850.00 x 9 = $7650.00?
  3. LoneStarLawn

    LoneStarLawn LawnSite Bronze Member
    Messages: 1,415

    $850 for the entire year. Per month????...:eek: I hope no one pay's that...or it might have to be posted under "Dumb things you have done"....it's general liability
  4. Freetime

    Freetime LawnSite Member
    Messages: 112

    Sorry to waste your time posting UNHELPFUL information, without knowing some specifics about your company it is hard to tell if you are getting a good deal. If when you say 1m you mean ONE MILLION dollars worth of coverage for $850 per year it sounds like a low amount for that much coverage and if you ever made a claim it’s up the creek.

    As I had stated, insurance companies are tough to find on general liability as there is no money in it for them and high claim amounts and rates. Once again without knowing SPECIFICS, I cannot say good deal or bad.

    Insurance companies go by exposure; in your case you would most likely be considered high exposure for commercial property (Target, wal-mart, fast food).

    Once again sorry for the useless information!
  5. LoneStarLawn

    LoneStarLawn LawnSite Bronze Member
    Messages: 1,415

    I appreciate you trying (didn't say it was useless) I'm assuming you may not have insurance because you seem to not know the standard rates.

    There is not much specifics that are needed...

    Basic liability, no employees, basic maintenance, no pesticides...

    I really did not know what you meant by high exposure...in fact we have Target right now (that is why we are additional insured as posted)

    Here is a link on this discussion in other parts of the nation to give you some idea of the rates

    I was basically looking for an exact number here in Texas...

    and yes it is One Million..(That is pretty standard...)
  6. Freetime

    Freetime LawnSite Member
    Messages: 112

    (I appreciate you trying (didn't say it was useless) I'm assuming you may not have insurance because you seem to not know the standard rates.)

    Yes we are insured for general liability, vehicle, and inland marine.

    You can go to your insurance agent and ask, “hay can I get add. for 1 mil” agent says “sure $100.00 bucks and you can say you are covered for one million” doesn’t mean squat except that you can say it and the commercial properties you are going after like to see it on a little slip of paper.

    If your insurance company ever (GOD forbid) had to cover for a million you would be out of business anyway, that mill is just for the paper work.

    High exposure = commercial properties, government, fast food, malls, chemicals

    Considered low exposure= residential, non-public properties no chemicals

    Standard rates= what is standard for one company is not for another (different size, employees, chemicals, exposure) insurance is not like McDonalds.

    As for the price you are paying $850.00 per year for additional insured that seems high but then again you are high exposure.
    (or maybe the insurance agent is making payments on a boat with your money)

    Assuming = Makes an ass out of you and me.

    Been in this business full time since 97’
  7. LoneStarLawn

    LoneStarLawn LawnSite Bronze Member
    Messages: 1,415

    I really do appreciate you trying though. I just really don't need to be lectured.

    Yes I understand what assuming means...just thought when someone asked I might be paying $10,000 a year for insurance...I had to question it. I apologize for that.

    So is it low? high? about right? Since you did say all three...

    I also want congratulate you on your 5 years of business success.
  8. This is really a topic for the Elements of Business forum.
  9. Freetime

    Freetime LawnSite Member
    Messages: 112

    No sir, don’t mean to sound like I am lecturing you, just kind of a to the point person.

    As for price on the additional insured it sounds dam high $850.00 to say, “We are covered for a million”

    Like I was saying make sure your insurance agent does not have a new boat parked in his garage that you are making payments on.

    We pay about $4000.00 per year on general liability, $100,000.00 (general aggregate) truck insurance (for 95’ chev ¾ ton and 2000 ¾ ton, trailers) and inland marine (mowers, trimmers, saws anything with a serial #)

    Insurance agent charges $100.00 per additional insured for one million and all this does is let you go in to commercial places and say you are covered for that amount.

    Sorry to sound harsh, don’t mean to but, insurance companies just get under my skin. (pay all that money make a small claim and BAM YOU ARE DROPPED.

    Look around has to be better price.
    Michelle Frank
    Hotchkiss Insurance Agency
    16475 Dallas Pkwy Ste 220
    Addison, TX 75001-6877
    Phone: 972/931-3750 x209
    May be able to help you.

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