Young folks, insurance, bad news??

Discussion in 'Starting a Lawn Care Business' started by grassmanak, Jan 14, 2006.

  1. grassmanak

    grassmanak LawnSite Senior Member
    Messages: 792

    Just wondering if any of the younger people on the board (25 or younger) are carrying insurance, and whether or not its really expensive. I plan on getting insurance this year for my business, but i have a few questions that may help everyone.

    What is a decent rate i can expect for the year?

    Do i still have to carry personal driving insurance, or does my commercial policy cover me?

    Does this insurance cover theft, damage, things like that, or is it only for customers personal propety?
  2. procut

    procut LawnSite Bronze Member
    Messages: 1,852

    You should have no problem getting insurance if your over 18. It depends on the policy for what exactly it will cover. Property damage is one thing, equiptment covrerage is another, and auto insurance is a separate entity, at least that is my situation. I have 1 mil. / 2 mil. agg. plus $9000 equiptment coverage through a company called acuity for $415 a year. I also have commercial auto insurance, with 1 mil liability for a little over a $1000 a year. Hope this helps
  3. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Messages: 8,745

    I agree, you should not have a problem at all to get insurance.
  4. grassmanak

    grassmanak LawnSite Senior Member
    Messages: 792

    that answered alot of my questions, How old are you though, im wondering how much age effect insurance, im paying $320.00 a month just on vehicle insurance right now.
  5. mrbray101

    mrbray101 LawnSite Senior Member
    Messages: 251

    Is acuity a local company or what? That sounds like a pretty good rate compared to what I am paying. I have 500,000 with no equitment coverage and pay 521, I shopped around quite a bit in my area before purchasing and this was by far the cheapest I found. Some wanted 700+ for 500,000.
  6. TheKingNJ

    TheKingNJ LawnSite Senior Member
    Messages: 781

    i'm 21 years old and live in new jersey. I'm paying a little over 6 grand a year for 1 mil coverage. Its horrible. But that does cover my 2 trucks and plowing insurance.
  7. procut

    procut LawnSite Bronze Member
    Messages: 1,852

    I'm really not sure if they are local or not. they were by far the cheapest I could find. if I remember correctly my agent said something about them only selling ins. to businesses or something, thus the good rates. I suppose, they have a web site or something. I'd highly reccomend them.
  8. Jamesgateslandscaping

    Jamesgateslandscaping LawnSite Senior Member
    Messages: 421

    Business insurance for me is a little over $800/year for me. Included property, equipment and PLOWING!! 1mil damage, covers all equipment owned, rented or borrowed. Most importantly, this also included plowing in the policy which is very important. My vehicle is $2200, including 2 truck and 2 trailers. Im 19.
  9. Jason Rose

    Jason Rose LawnSite Fanatic
    Messages: 5,858

    Like others said, your age will have no effect on insurance such as general liability for a business. It IS a good deal to try to find one company that can write all your policys under one roof but many times it's not feasable. ( I got my first gen. Lib. insurance when I was 19 and the rate is basically the same now as it was then)

    My company I have my general liability thru, of course, uses an underwriter to carry the policy. Mine is Columbia Insurance Group. I have 1 mil. personal prop. 1 mil. bodily injury. That's pretty standard. They also cover all my equipment, large items are individually covered and smaller items are covered under a blanket coverage. All are covered from fire, theft, car accident, ect.

    My auto policy and homeowners and life are thru state farm. The insurance Co. that I have my liability thru couldn't come close to state farms rates... (state farm can write gen. liability policys, but NOT with polution coverage as required for a pesticide license).

    I'm paying $721 a year to Columbia for my gen. liability. But that figure also includes all the equipment coverage which accounts for $175 or so (I think...) a year of that.

    As for Auto, heck, I don't even want to think about it. I'm 26 (very soon to be 27) and have had a VERY clean driving record but I don't feel like my rates are nearly as low as they should be.
  10. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Messages: 4,899

    Question for the guys that have plowing Ins. Does it cover finished product lawsuits. In other words are you the main one that bears the responsability for the finished work if some slips and falls will your policy cover you. The reason I ask is that I thought I had finish product with my plowing ins. till my attorney was going over all the policy and found out I did NOT have it even though I was lead to believe I did and the ins. doc. sure made it sound like I did. Might want to check it.

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