Finally got my general liability insurance ($1700 a year! Can that be right for small time remodeler/handyman?) Got a call from their rep. that they want to do a site visit tomorrow. What should I expect? I’m working on a small boat house installing cedar shingles. I know I’d better keep my table saw out of sight since there’s no guard obviously. Also plan on picking up all old cedar laying on ground and nails, I was putting it off ’til completely done. Any suggestions would be appreciated. Also, are their any insurance companies that cater to small time guys? It seems they make no distinction between a one man operation like me & a larger general contractor. Well, got to wind down the kids & get them ready for bed, will check in late tonight.
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I think it's high. I pay no where near that. What's the protection amount?
Roofing if listed as a mainstay of the co. might put you up there.
Make sure as you go along, that you get proofs of insurance from all subs. My policy requires proof or I pay their portion on my policy for all the work they supply.
edit. My contractor policy is coupled with my house insurance, separate, but payed at the same time. Tool rider is on the contr. policy. All my insurance is through State Farm. All vehicles also. Am very satisfied with the whole deal. Who wouldn't be, never made a claim as a contractor.
Remodeling Contractor just outside the Glass City.
Quittin' Time
Edited 12/1/2004 6:45 pm ET by calvin
If you use or pay sub, and particularly more than 15% of your gross sales that is a cha ching.
If you are listed as a roofer cha ching.
Something like interior carpentry is low down on the cha ching list.
I pay "about" $1300.00 in NY for 500,000/1,000,000.
I can't find 1/2 million anymore. i used to pay that much for 1/2.
NY sucks cause all the lawyers have poli's in their pocket and for relatives.
Eric
I Love A Hand That Meets My Own,
With A Hold That Causes Some Sensation.
A job I know about had a site visit by the insurance company recently. They observed a few things that made the site risky to owner/visitors/kids trespassing after hours... things like an open trench that someone could fall into. That caused the contractor some problems but he cleaned up and carried on. The insurance guys are not so concerned about the tablesaw guard because you cannot sue them (nor could an employee, as far as I understand). They are concerned about things that make their coverage of you more risky.
Well had my site visit.Pretty much a waste of time. Lady asked me same questions insurance agent already asked - "what type of jobs do you do?, how much do you make a year?, what were your last 3 projects? yada yada yada". Only annoying thing is during discussion she mentioned how some have had their policies dropped for only one claim. It's bad enough I'm paying so much for this "service", but know I find out if they actually have to perform their service, they'll drop me! I guess we're in the wrong business. At least I have more motivation to drum up lots of work so I can pay these crooks. (sorry if I sound bitter)
Look into National Grange I am paying $641.00 for 1mm in liability and a 5m tool rider. Just added a new truck for $1500 not sure what the limits are yet
good luck
mikeNo good deed goes unpunished
The insurance industry took some big hits in the last decade....think hurricanes and 9/11. As a result, the re-insurance industry, the big daddy that actually makes it all work, had to rethink their actuarial tables. As a result, everyone is tightening their belts and looking at all ways to reduce their payouts.
One of the scarier things that is happening is the hit the homeowner are taking on their homeowner insurance. They not only are paying more, but those people that have had claims are showing up at house closings only to find out that thier "application" for homeowners insurance has been denied! In years past, we all thought that this is an automatic...but not any more.
I wouldn't suggest filing any frivolous homeowner claims. If you get blacklisted, you end up paying high rates for fire insurance, but no one will offer you the liability insurance that covers slips and falls and other catastrophic claims.
blueWarning! Be cautious when taking any framing advice from me. Although I have a lifetime of framing experience, all of it is considered bottom of the barrel by Gabe. I am not to be counted amongst the worst of the worst. If you want real framing information...don't listen to me..just ask Gabe!
A guy in the insurance business once told me to buy insurance only for the big catastophres (sp). You have to cover the small (or sorta big) problems yourself. I took that as some pretty good advice.
Gotta say I still hate insurance and all it's rackets, but the above has saved me a bundle.
Thats called self insuring. You self insure to the level you can afford to take a hit and pay the premium for anything above that. Its a sensible suggestion Tim.
blueWarning! Be cautious when taking any framing advice from me. Although I have a lifetime of framing experience, all of it is considered bottom of the barrel by Gabe. I am not to be counted amongst the worst of the worst. If you want real framing information...don't listen to me..just ask Gabe!
Hello
I have an s corp and put down about $250,000 projected gross. We don't have any employees, we sub out about 20% of our work, including all roofing. We cannot do re-hab work. We cannot work on production houses or condominiums. I paid $1600 last year as a sole prop. and this year as a new corp we are paying $2400 for $1 mil/ $1 mil policy. robbery, but necessary. Just another cost of duing business in the Golden State. RZ