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Insurance Info needed! NJ NJ NJ

Discussion in 'Business Operations' started by Pietro, Oct 4, 2006.

  1. Pietro

    Pietro LawnSite Senior Member
    Messages: 855

    Okay, long story short. A buddy of mine started doing lawns this summer...we had my dads S-10, ramps, a Home Cheapo echo blower and weedwacker, crapsman edger and an exmark metro (36). We did 15 lawns a week. Obviously we did not have insurance, it would murder any profit.

    Well, now weve got a 99 F250 Powerstroke Diesel with meyers plow, 16 Ft trailer, Zmaster 60, Scag 48 Hydro W/B, the Exmark, and lots of Redmax, STIHL and echo commercial equip. We do 65 Lawns a week, and have not gotten insured yet. Next year we are 110% getting fully insured.....BUT, how expensive is it? What do I REALLY need? Half a million $ policy? 3/4? I live in Freehold NJ.......anyone got ideas on a ballpark figure? What do you guys pay? Im not worried about broken windows, but godforbid a rock gets kicked up and hits a kid or something tragic like that........I appreciate any advice.

  2. Surf'n'Turf

    Surf'n'Turf LawnSite Senior Member
    Messages: 326

    All depends on what your needs are. I'd go for a minimum of a mil. Can check out Farm Family, the cover a lot of agricultural businesses and they understand lawn/ spray/ landscape needs....look up Dan Purdey his office is in Pt. Pleasant, Brick area. PM and I'll give you a phone #.

    TJLANDS LawnSite Bronze Member
    Messages: 1,668

    Where you located Pete?
  4. Pietro

    Pietro LawnSite Senior Member
    Messages: 855

    Freehold. I actually do some work in Jackson, not too much thou. Im looking to get out of that area....its very very VERY dusty.
  5. mrusk

    mrusk LawnSite Gold Member
    Messages: 3,260

    I have no clue why people don't get insurance when they start a business. Insurance is cheap!!!!!!!!!!!!!!! I have 1 million per occurance and 3 million aggergate and i pay 1250 a year.

    Insurance is based on payroll and gross sales most of the time.
  6. lawns Etc

    lawns Etc LawnSite Silver Member
    Messages: 2,277

    I pay 590 year 1 million from my Liberty Mutual company $500 ded and $1 mil
  7. Turf Terror

    Turf Terror LawnSite Member
    Messages: 113

    $720 per year for $1million/$2million aggregate.
    Includes up to $5000 in equipment loss with a $500 deductible.
  8. TPLawnPro

    TPLawnPro LawnSite Senior Member
    Messages: 424

    ...how your policies are structured? Do your policies of 1 million, or 2 million dollars coverage actually cover general liability?

    I am looking into getting insurance also, but I am not getting similar quotes and/or premiums that even resemble what you all are declaring. It's one thing to say that you have a million dollars coverage, but what does your policy really cover?

    Do you have general liability insurance? How is it structured to protect you? If you have general liability, does it cover a million dollars in damages, property, and/or injury to bystanders?

    Also, does your policy include moveable property insurance? Example: to cover your trailer(s), as well as the equipment in the trailers from theft?

    So, what many of you are telling us; for anywhere from $500 to $1,200 per year, you have a policy that, at the least, covers you for $1,000,000 in general liability?

    If so, that is amazing! Cause around here, such a policy that I am describing would run you more than $2,500.00 annually. I must be missing something here, or must be doing something wrong in my pursuit of a new policy. :confused:

    TJLANDS LawnSite Bronze Member
    Messages: 1,668

    You are right most people are not "fully insured" but also it sometimes depends on payroll and gross receipts. I pay over 7500 a year for my G/L and umbrella policy. 2mil/2mil
    A local Landscaper acquaintance of mine thought he was Fully insured when he backed his landscaping trailer into traffic and caused a multi car accident.
    His insurance company denied coverage on his truck trailer and equipment because he had no commercial plates and no commercial auto policy just personal plates with his company logo on the side,..... but he did have a 1 mil GL policy....no help
  10. TPLawnPro

    TPLawnPro LawnSite Senior Member
    Messages: 424

    Thanks for the feedback. That is exactly what I mean. It's nice to be able to say that you have a million dollars in insurance coverage, but we all better make sure that we have a comprehensive understanding of these policies?

    From what I have learned lately, there's no doubt that I need to have general liability insurance, but I also want to make sure that my equipment is covered in case of theft, or from damages to my equipment that could be potentially caused to the equipment while in the trailer, whether the trailer is mobile or immobile.

    So far, I recieved a quote from CNA, and the quote is not between $500 and $1,200. The quote is more like $2,976.00 for commercial general liability, and $158.00 annually for commercial property coverage - and that property policy doesn't cover jack-squat.

    I am going to contact Progressive, Liberty Mutual, and The Hartford next.

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