Do you carry liablility insurance on your company?

[Bob Foster]

Just wondering. I wouldn't even consider operating with out it. If you do and your run a 1 man cc operation and do mostly residential some commercial and no WD how much coverage do you have?

 

[steve r]

$100,000 liability.

steve

 

[Lee Stockwell]

300,000 and need to get more.

 

[cmaster]

The minimum you want to have in Canada is $2 million. Most companies we work for will not accept less than that.

 

[XTREME1]

1,000,000 and 2,000,000 agregate mine is $1182 just paid it til 4/19/08

 

[Bob Foster]

I carry 2 million and that part costs me 900 bucks Canadian.

 

[cmaster]

Ours costs more than that. Not sure exactly how much cuz all our insurances are on one monthly bill. They base it on our sales.

 

[John Watson]

We have our standard policy's, our Baileys and a 2 million balloon.

Because of our balloon, we are in litigation for an auto accident I was in 3 yrs ago. (Going to Tony's Leather repair class at DA burns in Seattle) I have been told if I was a normal insured person it would have been dropped,but, since we were a INC. business with the balloon they are trying to get into it. Ins Co Liability was for 3 years. after that it is my Nickel.

 

[Rex Tyus]

I have been told if I was a normal insured person it would have been dropped,but, since we were a INC. business with the balloon they are trying to get into it. Ins Co Liability was for 3 years. after that it is my Nickel.

When I read the title of the thread I was going to post to much insurance makes you a target, not enough puts you at risk. For God's sake don't ask your insurance agent how much you should have ask you accountant an/or your lawyer. The right amount will depend on the value of your business, and the type of accounts you are soliciting. cmaster pointed out some organizations have minimum requirements.

 

[Jim Morrison]

Bob my business is similar to yours only I do some WD.

2 mil - 1k per year.

 

[Ken Snow]

15 M

 

[Charlie Lyman]

600,000

 

[Bob Foster]

Thanks for the helpful information. I believe besides the intricacies of the policy itself the amount I have seems good. The cost of the policy seems largely based on the income of the company.

My whole business insurance policy is a little under $1300 a year including tools, office equip etc.

 

[danpauselius]

4 M

 

[davegillfishing]

200k bond
500k Liability
2 million umbrella

 

[radkins]

Yes, 5 mill.

 

[Lee Stockwell]

Note: if a potential (non-corporate) customer asks how much insurance you have, watch your back.

 

[mrclean214]

1 million cost 327 bucks for the year

 

[steve r]

man i feel ripped off my 100,000 cost 600. i need a new ins agent pronto.thanks for the info all that really helped me understand few things.

steve

 

[Greg Loe]

$27,382,207.27

 

[mrclean214]

this is through safeco insurance out of seattle , you have to go to an independent insurance agent not the big companys

 

[Weebco]

Insurance

I have 1 million Liability policy with the Hartford.
O/O 1 man show.
I would like to know who you are insured with?
No one has mentioned that.

 

[J Scott W]

The minimum you want to have in Canada is $2 million. Most companies we work for will not accept less than that.

Is that about $300,00 US$?

Scott Warrington

 

[Matt King]

1 million for me. That seems to be about the average...

 

[Jeff Madsen]

2,000,000 aggregate, 1,000,000 per occurrence and we do carry a care, custody and control rider. Pay about $800 for it annually.

 

[Askal]

A little off the topic but I had a crook customer try to get me to pay for something that was not my fault. It was only about 800.00. They said they wanted my insurance companies name. I said I'm not giving it to you. My Insurance company would have just paid them off to make them go away. They said you have to give it to me because you are a general contractor. I said yes I have to have it but I don't have to give it to you. Of course they didn't sue so my rates did not rise.
Al

 

[Jtuseo]

$300,000

 

[steve r]

i use an independantthe co is vangaurd. i was going to switch but i couldnt get a quote back from anyone,they kept saying they were waiting.maybe from all the flooding going on i dont know but i wont use these guys again.
i need to do more research, again i appreciate this board it has enlightened me.