Insurance Q

[4000psi 16]

I am getting quotes for insurance and need to know what all I need. i am getting General liability 1-2 mil. How much bonding do I need and do I need workers comp.

Thanks for your help.

[jakeman 14]

Most commercial jobs around here won't hire you without workmans comp. Even alot of homeowners want to know you have it. I have found it to be very helpful in getting jobs and also getting a better price for those jobs. Since most part-timers around don't bother with insurance I make sure I educate all potential clients on the hazards of using an uninsured contractor. Also if you get seriously hurt on the job you will be glad you have workers comp. I only have to pay about $100 a month for it .

[plainpainter 217]

As an owner - my understanding is that you don't get the benefits of workmans comp - unless you are an LLC or incorporated.

[Beth n Rod 1,279]

I am getting quotes for insurance and need to know what all I need. i am getting General liability 1-2 mil. How much bonding do I need and do I need workers comp.

Thanks for your help.

Workmans comp is required once you hire your first employee. You can get the coverage to cover yourself depending upon your states specific requirements for eligibility.

General liability is not always what it seems. You can be covered in some instances but in others where logically one would assume they are covered, you are vulnerable and liable for any out of pocket expenses incurred as a result of the incident. Read the coverage, inclusions and exclusions before signing. Also, get a higher deductible to lower your rates.

Bonding is another grey area that should be discussed with an insurance rep because of what is covered and not.

Overall, you should sit down and talk with a few agents that give you quotes in the range you are willing to spend. Explain to them the extent of your business and scope of work, the equipment you want covered, property coverage, fire, flood, accident and so forth. These are all important and if you are going to get insurance, might as well get it right the first time so you can concentrate on your business.

Rod!~

[MMI Enterprises 289]

Unsure of current state of affairs but as it was explained to me many years ago being bonded is for when you have employee and it covers their thievery only if prosecuted. Regardless to what the facts may be on WC or need for bond when it is just a sole proprietor with no employee some jobs will want to see them and then your stuck in having to explain to them why they not needed or why they are useless. This can be a good thing as not only are you educating your customers above myth which they respect but they also may actually be looking for someone that does all their own high quality work. HO's or commercial work both luv to know that it is the person they talking with that will be doing the work.

You need general liability with some amount of 'care custody control' to cover the actual item your working on.