General Liability Ins.

[Cole]

What are some of you guys getting on general liability?

I am getting 2 million for $1,200 annually

[Rich]

That's about what I've seen also. Anywhere from 900-1500

[Tom R]

I'm getting 1 million for about $950.

[Rich]

Just got a quote for a GC providing self-work of concrete, framing, trim, and flooring for 3000 annual (2 mil aggregrate). Here's the funny part - the gal told my wife to call another company and we could get a better rate :)
Must not work off commission there.

[Cole]

Damn, lol.

[grumpy]

Actually Rich, I tell my customers similiar things. "Oh you can always call XYZ if you think my price is high. They will come in about $1000 less.... BUT here is why..." I usually then go on to say "Also check the BBB and ask them about XYZ too. They have some interesting things to say." I know this one company is just absolute scum bags have many many complaints and are about the cheapest around.

IN regards to insurance it's all based off sales so you can get a rate of $500 or $5,000 but it's all relevant to your gross sales, not just your policy aggregate.

[Rich]

My GL will be a flat rate over the year - and then depending on what the total gross revenue at the end of the year - I will do an adjustment then. We're basing it on 4 houses with an average $300,000.
It's easier for me to budget on a per project basis - and I will budget a little heavy in case my gross revenue is higher than expected.

[grumpy]

Yeah the first year is based on a guess, often times minimum coverage.

[Cole]

Makes since to do it that way, Rich

[Rich]

Just got a final quote for GL - running $1966
based on payroll of 112,000 - works out to less than 2% which isn't bad at all IMO.
I put together a nice little spreadsheet that figures the project labor and all burdens for all labor classifications.

[Mike772]

$300,000 per $600,000 max/yr Liability
$5000 Tool Replacement
$5000 Installation Floater
All of these were "lumped" in one payment of $465 annually.
I have not received the policies yet to see exactley what costs what.

[rcgu]

Many of the contractors around here are paying $3500+ annually. Where are you guys getting your policies?

Thanks,
Brian

[Mike772]

The agent my wife and I use recomended that I stick with the same company I have the house and vehicles with, Hastings Mutual Insurance. http://www.hastingsmutual.com/

[smartchoice]

I got a quote for 1 million for $525 PIF . Just got started

[Cole]

Smart Choice: What do you do?