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Discussion in 'Business Operations' started by Adam's Lawn and Garden, Apr 1, 2007.
I was wondering howthe payments are split up for insurance. Workers comp and GL.
Depends on the company. My liability is split over 12 payments, comp. is paid over 9, and my commercial on the trucks is paid in 10 payments. Just enough to screw up anyones budget!
is that common for just about any company?
I pay my commercial insurance monthly. My truck is covered under my auto insurance.
Generally, monthly payments will have an additional fee added on, probably around $5 per month. So by paying monthly you'll incur an additional $60 annually that you wouldn't by pre paying for the entire year.
Your Insurance agent will probably give you just one billing for both GL, Workmans Comp, auto, equipment, rental, or whatever you need. Everything should be itemized, but more than likely just one billing.
FWIW, my liability insurance premium went up almost 60% this year - just out of the blue. That was enough for me to look for another company.