Insurance; GL & Workmans Comp

I’m just starting out and looking at insurance options. Any suggestions or recommendations on GL carriers? Also, any suggestions as to whether or not to carry workmans comp? If so, any suggestions or recommendations on carriers?

If you are a single operator GL is pretty easy to get. A million for somewhere between 400-800 depending where you are at. If you are going to have employees you are supposed to carry work comp but can usually exempt yourself.

If your a single operator check with whoever you have your home, car with. If you are larger get with an idependent that can search multiple companies and come back with several options.

I use Westfield Insurance for my 2mil GL through my agent. As far as Workers’ Comp, in my state it is the law if you hire 1 employee. If you are doing it on your own without a helper, you may get by with being self insured. Im not an expert on this topic. Check with your state for guidelines on coverage. This is something that you should look into very seriously. If you are not carrying it and you are supposed to, you could get into hot water. I received an audit letter from workers comp 2 years ago. It was a random thing they just sent out (lucky me huh?) They looked over my payroll records and found out that the office person was somehow listed as a service tech. It turns out that they ended up oweing me something like $360.00 :D. Call your state workers’ comp. office and they will give you the right advice.

Steve

The company who wrote my homeowners policy quoted me $475 for coverage amounts of 500K/ 1M which seems reasonable. However, the won’t write it if I’m going to do work over 30’ high. I’ll have to go through their brokerage service. I’m strictly residential at this point so don’t see that as an issue.

My state requires WC if you have 5 or more employees. I can opt to cover myself. That is really my question - is it worth taking out coverage on myself.

I would see the difference to go to 1 mill. Residential it may work but if you start working for a contractor or anything they are going to consider 1 mil the norm. If your doing strictly residential for homeowners that is a good price.