Biggest roadblock
- Thread starter jlehnert
- Start date
Squintz
Senior Member
I agree its a good thing and the funny thing is that if you have a master electricians license you are required to have like 300K in liabilty but with the license I am going for it is left up to the electrician how much to get. So I could get just enough to cover my own house right now just because i am not working on anyone elses yet and then i could upgrade as business picks up
JohnBullard
Active Member
Squintz,
Go ahead and price what you feel to be the maximum coverage (based on home values in your area).
You might find their is not that much difference to go ahead and get another 100 or 200K up front.
Later, you may have to jump through some hoops with the insurance underwriter, to add more coverage. (They may wonder if you did an "oops" and suddenly have the need for more coverage.
Go ahead and price what you feel to be the maximum coverage (based on home values in your area).
You might find their is not that much difference to go ahead and get another 100 or 200K up front.
Later, you may have to jump through some hoops with the insurance underwriter, to add more coverage. (They may wonder if you did an "oops" and suddenly have the need for more coverage.
JohnBullard said:Squintz,
Go ahead and price what you feel to be the maximum coverage (based on home values in your area).
You might find their is not that much difference to go ahead and get another 100 or 200K up front.
Later, you may have to jump through some hoops with the insurance underwriter, to add more coverage. (They may wonder if you did an "oops" and suddenly have the need for more coverage.
Or much more, not sure on the occupational end, but increased liability (personal umbrella liability I think it was called) on the order of $1M (for non-auto) I was quite surprised at the extra cost of $100 or so (a year).
I have no idea on the occupational side and this may very well be apples and oranges, but I was surprised when I inquired on different rates like that (it was much less than I expected).
Hello Everyone,
I'm new here and I'm trying to get started in the HA business. I'm curious as to what the average cost is for liability insurance? Can anyone come back with kind of deals they have found. Anyone find a particular company that they like. Actually ANY feedback or comments on this subject would be great!
Thanks
I'm new here and I'm trying to get started in the HA business. I'm curious as to what the average cost is for liability insurance? Can anyone come back with kind of deals they have found. Anyone find a particular company that they like. Actually ANY feedback or comments on this subject would be great!
Thanks
AutomatedOutlet
Senior Member
You give discount pricing on Liability Insurance now??
JohnBullard
Active Member
MarkT:
Depending on the state you are in, and the company, usually the underwriters will calculate the liability premium based on some of the following criteria:
How much experience in the field you have.
What professional licenses you have - security, low voltage, electrician, etc., in addition to requirements of having all local and state business permits and licenses.
Your average annual $ billings for work you do, percentage of equipment sales vs install labor.
How much of your labor billing is through licensed subs, vs your own company.
Also considered is do you require the subs to provide you with a certificate of their insurance for each job, endorsed for the job location, they do for you.
These kind of criteria result in commercial liability rates to be very unique and different for each person and company and location - as opposed to personal lines such as homeowners and auto.
Mike, Usually a PERSONAL umbrella liability policy has major exculsions for this use. After all, it is a PERSONAL not business coverage.
Just some things to consider from an old man with almost 30 years in the Property and Casualty Insurance field
Depending on the state you are in, and the company, usually the underwriters will calculate the liability premium based on some of the following criteria:
How much experience in the field you have.
What professional licenses you have - security, low voltage, electrician, etc., in addition to requirements of having all local and state business permits and licenses.
Your average annual $ billings for work you do, percentage of equipment sales vs install labor.
How much of your labor billing is through licensed subs, vs your own company.
Also considered is do you require the subs to provide you with a certificate of their insurance for each job, endorsed for the job location, they do for you.
These kind of criteria result in commercial liability rates to be very unique and different for each person and company and location - as opposed to personal lines such as homeowners and auto.
Mike, Usually a PERSONAL umbrella liability policy has major exculsions for this use. After all, it is a PERSONAL not business coverage.
Just some things to consider from an old man with almost 30 years in the Property and Casualty Insurance field
