What kind of insurance policy

Discussion in 'Business Operations' started by T'S lawncare, Feb 22, 2007.

  1. T'S lawncare

    T'S lawncare LawnSite Member
    Messages: 28

    What kind of insurance policy do you guys have? Say of you had an LLC. I didn't want to get involved with insurance, but i feel thats the best way to go, and safest. I fear throwing a rock through a window, or injuring someone. Can you guys help me out?

    Thanks -Tyler
  2. hackitdown

    hackitdown LawnSite Silver Member
    Messages: 2,652

    Liability insurance. $1,000,000 per incident, $2,000,000 overall coverage. Excellent peace of mind.
  3. T'S lawncare

    T'S lawncare LawnSite Member
    Messages: 28

    thanks for your input, i know that such topics vary from state to state, but if you don't mind me asking, how much does this cost you per month,year?
  4. gardener

    gardener LawnSite Member
    Messages: 32

    yes, you need liability insurance. but only for an amount that protects you and your company. you increase your insurance as you grow. you want to protect your investment. always have your liability insurance joined along with the truck and trailer, the policy will be seperate but joined together under a business heading, this keeps cost down. also talk to more than one insurance agent, make sure they give you a price on paper, after you have three or four, look them over carefully and pull all the information together and go back ask specific question. many landscapers like to say they have a $1,000.000.00 if your a small solo operation you are paying an amount that is to high, the agent is just making a great commision. if solo try 300,000.00 // 600,000.00 i'm sure a agent will be write you up quickly. you will feel confident. if your still not sure call one of the big landscapers out their, and ask the owner for a half hour of his time -- i'm sure he or she would like the opportunity to give a new start up the right advice, it's all in our best interest to be professional.
  5. VBsnow

    VBsnow LawnSite Member
    Messages: 242

    Let me explain the liability commisions to you. You come in and get a 300/600 limit for a one man operation and it costs on average say 400. With a 10-20% commison for the agency it is not even profitable to write it. We do it hoping you grow. We will make something MAYBE after the end of the third year if your loss history is good. Yes, they hold your losses against us. Anyhow, on the 400 we make a MAX(understand not average) of 80 bucks. On the minimum we make 40 bucks. If the agent receives commision lets say it is 25% of the 40 to 80. So in the end the person doing the work may make 10 to 20 dollars. The rest goes to paying staff for certificates and other overhead.
  6. sildoc

    sildoc LawnSite Silver Member
    Messages: 2,925

    get 1 mil min. Then if you think you need to cover your equiptment do that. I have a 2mil policy with 4mil agg. I pay 465 a year for that. then anther 300 a year for equiptment up to or = to 15000.

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