Business Insurance

[Wingnuts45]

Im lookin for anyones past experience with business insurance...which companys to avoid and what limits of coverage to have .....And which might have the best bang for the buck....

[Samurai Appliance Repair Man]

Whoa, didn't mean to let this one slip by. I wouldn't know how to select an specific insurance company; if you use a reputable independent agent, part of their job is to screen insurance companies for you. As for coverage, i wouldn't bother with anything less than a million dollars in liability coverage. If you work on a gas appliance and the house subsequently burns down (and, worse, if someone is killed in the fire) then you WILL have a lawsuit on your hands, whether or not the dryer was even involved in started the fire. People will look for someone to blame and people in the repairing arts are always prime target-- why not, we get blamed for everything else. Anyway, without insurance you'll have to spend tens or hundreds of thousands of dollars in legal fees defending yourself. That's where the insurance coverage comes in. They'll pay for the defense and/or settlement. I think I pay $550/year for a million dollars in liability coverage. Commercial vehicle insurance is actually more expensive than this, a lot more.

[Poobah]

I read this before and didn't think  about it very much until I got my renewal for my business ins. They are wanting to raise mine to astronomically.  If ya don't mind Samurai Master share the wealth on the co. you do bidness wit.....from what you are paying I could save some serious moolah....

[Samurai Appliance Repair Man]

The underwriter for our bidness liability insurance is aout $400/yr.  Just paid the premium a couple days ago, in fact.  I've never heard of 'em, but we got it through our insurance agent.  That's about typical price, seems to run the range from $400 to $550/yr. 

Auto is the big one!  Our commercial auto insurance is about 1,300/yr!  And will go up after my latest speeding ticket gets entered into the database.  :X