Insurance seems to cheap?

Discussion in 'Business Operations' started by CleanCutMowers, Mar 3, 2008.

  1. CleanCutMowers

    CleanCutMowers LawnSite Member
    from SE MO
    Messages: 150

    My insurance seems a little cheap to what you all seem to say you pay. For a million per occurrence general liability I was quoted $128 by one insurance company and $225 by another(these prices are for a year). I was also quoted $18 a month for theft with a $500 deductible. Is there something else I should be looking for? These are decent size insurance companies and I want to make sure everything is right.
  2. Landrus2

    Landrus2 LawnSite Fanatic
    Messages: 5,020

    ItÂ’s not cheap around here.:waving:
  3. causalitist

    causalitist LawnSite Senior Member
    Messages: 610

    ya, thats cheap. i pay around 450 for the same coverage...
  4. J&R Landscaping

    J&R Landscaping LawnSite Fanatic
    Messages: 5,095

    Yes, that does seem cheap. Do you have equipment coverage on that quote?
  5. CleanCutMowers

    CleanCutMowers LawnSite Member
    from SE MO
    Messages: 150

    No it is 250 for the equipment which is $18 a month
  6. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Messages: 9,266

    Thats a pretty good price for GL. I pay $135 annual for $500K occurence.
    Make darned sure your agent knows exactly what your operations entail (i.e. what you do, mowing, chems, fert, etc). Perhaps they agent isn't rating for an exposure that you have that you/agent may have overlooked. Big red flag for you if you are not covered for the correct exposures.
  7. GreenN'Clean

    GreenN'Clean LawnSite Bronze Member
    Messages: 1,512

    Its around $500 around here as well
  8. Lawn-Sharks

    Lawn-Sharks LawnSite Senior Member
    Messages: 912

    I pay $509 per year for the same insurance..
  9. tamadrummer

    tamadrummer LawnSite Bronze Member
    Messages: 1,102

    I pay $528 a year for 3 million aggregate liability and 504 a year for theft with a $100/ded and as soon as my business takes off a bit more I will drop the deducible to $0 and it will be $672 a year.

    I use Auto Owners for General Liability and Inland Marine coverage.

    I cannot see how anyone in business operates without these insurances. With $100/ded I can replace anything that gets stolen and be fine otherwise if I took a $500 or even worse $7000 dollar hit it would put me in a bad spot. Possibly out of business.
  10. DA Quality Lawn & YS

    DA Quality Lawn & YS LawnSite Fanatic
    Messages: 9,266

    GL for LCO's is essential
    Work Comp for LCO's with employees is essential
    Equipment Coverage....depends - the question you want to ask is "Can I self insure my equipment or do I want to pass that risk to an insurance company?" Personally I do not have enough equipment to bother with equipment coverage. If my $500 21" gets ripped off, probably wouldn't even meet the deductible to replace anyway.

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