I live in Arkansas, but I do business in TN. and Mo. Is it a requirment to have insurance? If so, how much is the average annual premuim?
Your state financial responsibility laws apply to motor vehicles. Other than that, unless you have a pesticide license, there are no requirements. However, and it's a damn big however, good sense and sound business practice dictate general liablilty insurance with limits of $500,000/$1,000,000 at a minimum. I wouldn't start a business without proper insurance. Average premiums vary quite a bit by company, and the company I am insured through for general liability, auto and equipment does not write in Arkansas. Check with your current agent, they know the local market.
I found that liability insurance is basically the same for 500K or for 1Mil. Go with the 1Mil as most commercial contracts require at least that much. May need to think about business licenses in those states too. Not sure how that works.
Rod73, When you talk to your insurance agent, make sure they understand if you use your vehicle for personal use plus business or strictly business. When I acquired comm insurance in February, I explained this to my agent but apparently he forgot to tell the underwriters. The result - 47% increase in premium from the quote I received from my agent. They said it was because I used my truck 75% - 25% (comm to personal use). Good luck!!!!
