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is this in line or high? Allstate charging $1100 /yr for 1 mil policy more details...

Discussion in 'Business Operations' started by 1styear, May 8, 2009.

  1. 1styear

    1styear LawnSite Member
    Messages: 87

    Do I need more? Is less ok? I only cut residentials no want for commercial jobs.

    The policy is 1mil personal injury, 1 mil property and 7K for trailer upset/theft w/no deductable

    Is 1100 a year in line?

    I think that I need $10k trailer & equipment theft and less personal and property liability

    I am just worried about windows and sliding doors windshields and paint jobs. There are not people around when I mow, Ibut know they can sneak up on you so I want some level of coverage for injury. At 1100/year I feel like I could just carry theft/upset and personal injury and self insure for any damage that I do with broken windows/damage to whatever. Allstate has the injury and property tied together (that's what agent said)

    I wear the echo safety harness with the warning stand back 200'
    Are there insurance companies that give discounts for service with no incidents reported or anything like that.

    look, I know $1100 is cheap for what I am getting, but I just went with my agent right of the bat to be covered and I am really wanting opinions on what is sufficient for this scenario. If I could save $400-$500 a year that is a lot of dinners my wife doesn't have to cook. She might even get some flowers once in a while
  2. Stillwater

    Stillwater LawnSite Platinum Member
    Messages: 4,889

    this does not sound to off base if the policy does include everything you note, allot has to do with how long you have been in business and the state you are in. principle garage location and area of operation. In other words the same exact policy could be priced differently 50 miles from you. Ignore policy advice from posters on lawnsite and discuss directly with your agent and lawyer of what your needs are for this important subject their is far to much BS hear.
    Last edited: May 8, 2009
  3. whoopassonthebluegrass

    whoopassonthebluegrass LawnSite Platinum Member
    Messages: 4,305

    Holy crap! My 1 mil policy runs me $300/year through Farm Bureau.
  4. sweetz

    sweetz LawnSite Bronze Member
    Messages: 1,599

    I totally agree with this post!
  5. Stillwater

    Stillwater LawnSite Platinum Member
    Messages: 4,889

    is your policy as comprehensive as what he decribed? his policy is far greater than just liability.
  6. 1styear

    1styear LawnSite Member
    Messages: 87

    This agent really isn't "my agent" He does have all of our insurance but he's in another state. My wife's father in law has used the guy for 20 years so I am sure he knows what he's doing for normal P&C health & life but he was up front with me saying that he didn't usually handle this kind of stuff. He didn't really have a recommendation I just told him what I wanted and he wrote it up. I think he's bombarded me with coverage because he would rather me be way overinsured than not enough.

    sounds like my agent is just trying to take care of me. I would like to know what kind of coverage would be out there for $300 a year.

    What would that include?

    What could I get for say 600 700?
  7. Stillwater

    Stillwater LawnSite Platinum Member
    Messages: 4,889

    600 to 700 could possibly get you a 1mil property damage liability binder, but no coverage for theft of equipment or accidents, and possibly no personal injury coverage ask your agent. Also look into forming a LLc.
  8. 1styear

    1styear LawnSite Member
    Messages: 87

    LLC.. would that help reduce my insurance needs? If I am not going to be held personally liable then I don't need as much insurance correct?

    Heaven forbid someone was seriously hurt. From what I understand, please correct this if it's wrong I will research later: They wouldn't be able to take my home and personal autos as LLC but could seize all my mowing assests listed under company license (truck & equipment) if a lawsuit was won in excess of my insurance.
  9. Stillwater

    Stillwater LawnSite Platinum Member
    Messages: 4,889

    Thats about it in a roundabout way
  10. Richard Martin

    Richard Martin LawnSite Fanatic
    Messages: 14,699

    I would consult with a local agent to begin with. I'm surprised you would use an out of state agent. $1100 does sound a little high. I'm paying $700 a year through State Farm for 1 mill liability and $20,000 equipment coverage.

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