Insurance (for all)

Jokerstyle

New member
:confused: I am looking to start a company and deffinately want to go all in. I was woundering if anyone had any insurance tips? best insurance, approx. quotes, what equipment insurance doesn't cover, ect....

I would apprieciate any help i can get.
 
Do a search on the word "insurance" and read as much as you can.

I suggest a minimum of $500,000 liabiity coverage. The equipment is sometimes a shady area. My policies have always insured market value, rather then replacement cost.............which I don't like. If it's stolen, destroyed, or whatever.......I'd probably be stuck buying used equipment...........not cool. My point is, shop around.

Also research something called "Care, Custody, and Control Insurance". It allows you to be covered for damage done to what your working on. For example, if you damage someones siding while doing a house wash job, you might not be covered under your general liability policy. The CC and C would cover it. This costs extra, and in some cases is not even available. Ask around.
 
Depending on what type of work you are looking for, you may want to consider Worker's Comp. If you go to work for a builder for example, as a subcontractor, you may be required to carry WC insurance - even if it's only you. Each state has it's own base premium that it's going to cost - the premium increases according to your payroll after that. New construction has been very lucrative for us so the $851/year premium for WC more than pays for itself since we can get on the jobsites.

If you are going to do commercial work, you might want to increase your limit to $1M. You'd be surprised how little the premium increase is to double your coverage.

The biggest thing that is never covered by the insurance company is stupidity. You can accidently break a window and they will pay, no problem....but don't pay attention to what you're doing and etch that glass with acid.....forget it, it's coming out of your pocket.

There is so much knowledge on this and several other boards. Read read and read some more. If you can get up with another PW somewhere to work a few days for free just to get some hands on, that's some of the best teaching you can get.

Good luck to you!

Celeste
 
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