+- Encapsulation carpet cleaning and commercial carpet care forum by Excellent-Supply.com & Releasit (https://forum.excellent-supply.com)
+-- Forum: Forum Home (https://forum.excellent-supply.com/forumdisplay.php?fid=1)
+--- Forum: GENERAL DISCUSSION (https://forum.excellent-supply.com/forumdisplay.php?fid=2)
+--- Thread: liability insurance... (/showthread.php?tid=916)
liability insurance... - TroyD - 01-26-2014
I know liability insurance varies greatly depending on where you are located, experience, employees etc etc. Im just curious what some of you are laying out to have liability. Also, is $1mm coverage adequate in most cases?
Im going after commercial accounts and I will need to have liability. I don't have any employees so if Im not mistaken, as an owner operated business that eliminated the need to be bonded no? Im going to try and get some quotes this coming week as I may have a local bank that it interested in having me clean their carpets.
Thanks for any input.
Troy
RE: liability insurance... - lee@deepclean.us.com - 01-26-2014
About $600 per year for me. No employees
RE: liability insurance... - Shorty - 01-26-2014
Although I'm down under, I carry $20 mill; PLI
This costs me about US$900.00 pa.
AU$10 mill is the general min amount to work in many comm; properties here.
AU$20 mill; in some, but few and far between.
At the moment.
To put this into perspective, we pay a lot more for all of our supplies.
Wages, rent, housing are a lot more.
A diesel Toyota Hi Ace van (manual gearbox)..... Full drive away AU$40,740.95
A MasterBlend El Diablo Truck Mount will set you back AU$25,500.00
Then, because I live over a 1,000 miles north of my nearest distributor, freight on EVERYTHING IS EXTRA.
Apart from PLI insurance, we also carry Sickness & Accident policies in case we are injured on the job or get sick.
This costs more than the PLI.
Another thing, if you are over the age of 65, general insurance co's; will not insure you... discrimination.
You must get a policy with the gov't; agency which generally is about AU$400.00 pa more than you would pay with a general insurance co; if you could get it.
Think how much it could cost you if you did not have insurance, or enough insurance to pay for a major catastrophe if you were to blame.
Short 1
RE: liability insurance... - P Cleaner - 01-26-2014
the local malls want 2miL, and trucks insured for 1 miL. Most commercial also want workers comp they don"t care if owner operated or not about the same for general commercial work specs. in my area. P Cleaner
RE: liability insurance... - jtmellon - 01-28-2014
Troy,
Bonding is a selling point. Many companies don't even know how bonding works but they still want it.
In fact, I do I would say about 99% office cleaning. I have had customers demand that I be bonded even though I too have no employees. Bonding is like a guarantee. It makes them feel warm and cozy.
"***** I could get a look at a t bone stake by sticking my head up a bulls *****, but I would rather take my butchers word for it." See the movie Tommy Boy.
Any way, you might as well get bonded, it will be a selling point (TROYS CLEANING SERVICE BONDED AND INSURED). Sounds better then (TROYS CLEANING SERVICE INSURED).
Besides a 100000 bond is only about 100 bucks per year.
RE: liability insurance... - TroyD - 01-28-2014
Thanks JT. Im in NY and things just tend to be more expensive here than other parts of the country. Im going to research and get some quotes though.