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Discussion Starter · #1 ·
I have been calling around the past couple weeks on quotes for $500,000 general liability and an inland marine policy for about 20K worth of equipment. The quotes for the equipment were what I think is fair at around $400 yr. The liability insurance is around $1000-1200 a year for my 1.5 man lawn business. I've been reading on here and noticed most people are paying around $400 for a 500K policy. Why would there be such a price difference?? Does location matter??
 

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1. do you have a track record?
2. have you been insured before?
3. what's your credit rating like?
4. if previously insured, have any claims?
5. you have an employee, do those paying less work solo? I do and pay about $600 for $2 million
6. Location. Some areas are worse than others, based on having crazy juries giving out large awards, high numbers of trial attorneys, and other factors.

These are some of the factors they may consider.
 

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i pay $125. per year for 300,000 liability and $187. for a $15000 inland marine policy. farm bureau n.c. clay
 

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Discussion Starter · #10 ·
1. do you have a track record?
2. have you been insured before?
3. what's your credit rating like?
4. if previously insured, have any claims?
5. you have an employee, do those paying less work solo? I do and pay about $600 for $2 million
6. Location. Some areas are worse than others, based on having crazy juries giving out large awards, high numbers of trial attorneys, and other factors.



1. Been in business part time for 4 years and full time the past 2.
2. Haven't had any type of liability before.
3. Credit is excellent.
4. Nope
5. Not sure on that one. My part time person would probably only work 10-15 hours a week.
 

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I have had a quote on State Farm for my ins. $444 for 1mil 2mil policy, no employees, yet. I am calling around since I have seen that many guys here are getting a better rate. Called erie today and one of my fellow FF has a small ins biz. He is running ## for me, if anything is a good deal I will post it.
 

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1mil is the cheapest when you go talking 3mil or 5mil it goes way up and is not worth it my mom sales ins. 5mil is usally required if your working at adangerous or haz. place like a georgia power plant i bid once needed 5 mil it was outragous and i didnt get the bid.
 

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The type of work you do affects rates too. First time I bought liability insurance, my agent asked if I would be doing tree work. Told him no, at least not for a while. He said be sure let him know if I start so he can double my rates. Apparently there are a lot more claims for tree work than general lawn/landscape maintenance. Makes sense to me.

He also gave me a couple of good tips. Said if I want to avoid the greatest risk of BIG claims, don't mow daycares and similar. If I want to avoid LOTS of fairly small claims, don't mow car dealers.

I suppose the worst would be a Mercedes dealer who hires toddlers for sales!
 
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