Insurance Quote

The Office Business
1

I got my first quote for insurance. The premium would be $786 per year, but that includes property coverage for $279, which I’m not sure I even need. GL premium is $508 and includes the following coverage:
General Aggregate Limit: $2M
Products- Completed Operations Aggregate Limit: $2M
Personal and Advertising Injury Limit: $1M
Each Occurrence Limit: $1M
Damages to Premises Rented to You: $100K
Medical Expenses Limit: $5K
Identity Recovery: $25K

This is my first quote and honestly I have no idea what is normal. Any advice?

Thanks!

2

What are the deductibles?
There was a good thread recently that is inspiring me to raise my deductibles to $2,500.

3

Insurance without a care and custody clause is virtually worthless

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4

Seems high. Am fam has me at $37 a month. 500 deductible same coverage I think.

5

Probably a bit high if you are just doing windows alone. But depends on area.

6

depends on what you are insuring against

7

Liability insurance views you the contractor as the expert so if you scratch up 50k in glass the insurance provider is going to wonder why you didn’t know what you were doing. General liability really is only covering you if you injure someone I.e some trips over your bucket but if you because lack of skill or care damage property maybe your covered likely your gonna have a major headache. Care and Custody can save your butt

Insurance is all about how much risk you want and can handle, pay less with fewer protections expect nothing to be coverd

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Care, custody and control - a must.

An insurance company gladly took our money for 10 years. Denied our first claim in less than 30 seconds; and lost me as a client.

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There is no mention of CCC. The deductible for the property is $1000. I don’t see a deductible for the GL. Do I even need property coverage as a home based business?

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I don’t think so, but as with anything insurance-related, i would really do my homework and get expert advice. Personally, i didn’t get property coverage. Just be sure to ask exactly what’s covered and discuss specific scenarios and examples. And, of course, see what you can dig up on Google.

As far as the price, prices naturally vary by state, company, and other factors. That said, your quote seems to be on the high side. For similar coverage i paid around $300 for the year. In fact, i was surprised at how cheap it was.

Omg that’s infuriating. Looks like i need to do some homework too as i don’t have CCC. I was under the impression i only would really need it for construction cleanups, so this is good to know!

11

Not an insurance expert… but the price seems reasonable to me. My only advice based on 12+ years of being self employed and buying insurance… Shop rates every year. Even if you are happy with your policy… shop rates. Every successful mentor I have had does it… I do it now… I’ve saved myself thousands…

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Get it! It gives you piece of mind and protects you, There are a few great threads ON “Care, custody and control”

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Thanks, Steve. Will definitely be doing that!

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14

Kyle, do you do the same for all insurance policies including, for example, car insurance?

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Yes. I am going to start shopping all my personal insurance every year starting next year. When those insurance companies know you might cancel you wouldn’t believe the things they will do to keep you or pull you away from a competitor.

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16

“you got our no pay policy mate, it clearly states that no claim you make will be paid. how’s the nude lady?”

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17

I generally shop for personal insurance at least every couple of years. I saved over $300 on my homeowner’s insurance through Metlife this year.

How much is the CCC premium and what is the normal amount covered? Does it make sense to pay for that coverage as a startup?

18

I got a first year quote from Joseph D Walters for about $1100/yr…with ccc and a $500 deductible…I’m in Massachusetts

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the price will vary with your expected business volume, more business for you equals more risk for them.
so same type of business, same coverage, same location, same broker, but different sales volume will change the premium.

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The CCC premium that is mentioned on here is new to me to be honest. I am actually sending an email to my insurance agent today asking about it. I have had insurance from day one would never operate a legit business without it.