New to Insurance (Need Advice)

jonthepain

LawnSite Bronze Member
Location
Raleigh
Nope, no need to go llc for insurance.

The big three are general liability, worker's comp, and commercial auto. If I'm missing anything I'm sure someone else will chime in.

Our GL is through Hiscox, our commercial auto is through Geico, and I forget who our WC is through. I'll look it up when I get back to the office on Monday if you want. Our payroll and quarterlies are done by Square.

It's probably easier to walk into a insurance agency and have them take care of it all, but we
do it all online and over the phone.

Congrats on going legit. It's worth every penny, and you'll feel better about your business besides.
 
Last edited:

Mac-s Lawn & Snow

LawnSite Bronze Member
You need to have General Liability insurance for the type of work you do. Most policies have a million dollar coverage that covers if you damage someones house. I think mine cost around $600 a year. When you have employee's you will need to have a Workers Comp. policy and that covers if an employee is hurt. These policy are expensive and are usually a percentage of their wage. Company vehicles need a commercial auto policy. Without this your regular auto insurance may not cover if you cause an accident when at work. Business insurance policies are not always written by all insurance agents and it is best to find someone that specializes in it. Most commercial business agents will offer policies through a couple different companies to find a policy that fits you best.
 

ztman

LawnSite Bronze Member
Location
mountain pa
If someone stole all of your equipment today, would you have the $$$$ to replace it? If not, or you are not willing to assume the risk of theft, that is one of the main purposes of insurance.
Insurance terms can be confusing. I would recommend a few google searches to get the basics.
Also, deal with an independent agent, and ask him to get you multiple quotes so you can compare
 

Mac-s Lawn & Snow

LawnSite Bronze Member
The policies I've had for theft where Scheduled and Unscheduled tool floaters or riders When my skiddy was newer I had a scheduled floater on that. Scheduled list each item and serial # The unscheduled floater covered smaller tools under a $1000 in value without specifically listing the tool. These policies are usually priced that a $10,000 floater cost $800 so after some years your paying for it either way. After about 15 years in business I started reducing coverage.
 

Andrew H

LawnSite Gold Member
As mentioned, make sure your equipment is covered, all of it.
Gl, WC (you don’t have to insure yourself, but it’s recommended) and CA.
There’s also weather insurance, but chances are you’re not ready for that yet.

Talk to a broker for the best price.
 

Mumblingboutmowers

LawnSite Senior Member
Thanks! What are the pros and cons of insuring my equipment against theft, dammage, etc?
Usually when you purchase your liability insurance the company will also offer you a policy to cover your tools and equipment, the price on that is usually pretty cheap in my experience. Let the insurance agents you talk to that you would be interested in a quote of covering tools and equipment in addition to a general liability quote. No cons that I can think of besides having to pay more for it.
 

Mac-s Lawn & Snow

LawnSite Bronze Member
Without insurance you are certainly flying under the radar. You are pretty young still(I think) so somehow I give you a pass. Here the the thing, any of us could hit a rock tomorrow and destroy a $3000 patio door at one of our customers house. With my $1000 deductable it would just be a bad day and my biggest concern would be that everything is repaired to a level that pleases the customer. If this happened to you tomorrow could you survive a $4000 repair bill? Make sure before you start up next spring you are insured.
 

Top