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Insurance Pricing in NJ - Sound Good?

Discussion in 'Business Operations' started by Doogiegh, Apr 1, 2002.

  1. Doogiegh

    Doogiegh LawnSite Senior Member
    Messages: 871

    Hey, I got an insurance quote as I'm looking to go into this business and want to do things the right way. How does this look?

    $3000 equipment protection from theft.
    $500 deductible
    $300,000 worth of Liabilty coverage, annual premium is $636

    If I goto $500,000 worth of liabity, annual premium is $718

    And the famous $1,000,000 worth of liability coverage is $848 a year..

    How does that sound to you guys? Would you change anything, like get rid of the $3000 equipment protection? I'm working by myself, so I'm careful with my trailer and have no employees to steal anything, as silly and sad as that sounds...

    Should I raise the deductible to a higher level, like $750 to lower the annual premium?

    What do you guys run with, if you're a sole prop. with no employees other than yourself.

  2. Richard Martin

    Richard Martin LawnSite Fanatic
    Messages: 14,699

    Solo op here. I have $500,000 liability, $20,000 equipment coverage and a $500 deductable for $788 a year.
  3. tpl

    tpl LawnSite Member
    Messages: 67

    same here. make sure to get a high equipment coverage. And "cost of replacement" is nice too.

    20000 eq (cost of replacement)
    500000 coverage----minimum for me to apply herbicide

    $816.43 a year.
  4. Harvestman

    Harvestman LawnSite Member
    Messages: 233

    $1,000,000 liability $10,000 equiptment. Pollution endorsment.(a must if you are spraying) $1000 deductable. $1200.00 a year .www.weisburger.com
  5. rodfather

    rodfather LawnSite Fanatic
    Messages: 9,501

    I think we pay around $1700 a year...that's for 2M umbrella policy with around 100,000 cost of replacement coverage on equipment.

    Trucks and trailers are on a separate policy.
  6. rodfather

    rodfather LawnSite Fanatic
    Messages: 9,501

    Oh, I forgot, our deductable is $100 per occurance/theft/accident, etc.
  7. ant

    ant LawnSite Silver Member
    Messages: 2,466

    500,000 per occurence
    1,000.000 aggregate for products-completed operation hazard
    5,000 per person
    50,000 per occurrence
    250.00 deductible
    farm and family
  8. creative concepts

    creative concepts LawnSite Member
    Messages: 69

    I just got my new quote today and your price sounds a little high. Mine is as follows.

    1,000,000.00 each occurence - bodily injury & property damage
    2,000,000.00 general aggregate
    2,000,000.00 products/completed operations aggregate
    1,000,000.00 personal and advertising injury
    100,000.00 fire damage legal liabilty
    10,000.00 medical expense

    This costs me $1029.42

    30,000.00 contents coverage
    30,000.00 equipment (cost of replacement)

    This costs me $401.33

    Workers comp is another $3,660.00
    Auto covrage is another $2,500.00

    I would shop around some to see if you can get better prices but it will also depend on what you are looking for and if you ever had any claims. Believe it or not, if comapny A puts in a claim for an accidental death and that is his only claim versus company B putting in multiple small dollar amount claims, company B's insurance will be higher due to the volume of claims put through.
    Hope this helps.
  9. creative concepts

    creative concepts LawnSite Member
    Messages: 69

    Forgot to mention that I have a $250.00 deductible.
  10. tramahor

    tramahor LawnSite Member
    Messages: 82

    By any chance do you know if they insure in CA, if yes I am looking to change my ins.

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