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I'm ashamed to be asking for such boring information here, but I need guidance on insurance coverage for a new sign biz. It will be a one man shop, all non-electrical, with installations on buildings, vehicles, etc. I'm just looking for the ballpark figure of what some of you pay for this type of coverage. Thanks!
-------------------- Jerry Steward Sign&Print Bethlehem, PA Posts: 126 | From: Bethlehem, PA | Registered: Oct 2001
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i pay $616.00 a year...for 90k of contents/eqmt...25k money & security on or off premises mechanical elec & pressure sys breakdown(like i know what that is)...and a million dollar liability...happen to have my policy right here...payment due..lol
-------------------- Karyn Bush Simply Not Ordinary, LLC Bartlett, NH 603-383-9955 www.snosigns.com info@snosigns.com Posts: 3516 | From: Bartlett, NH USA | Registered: Jan 2001
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Jerry, I don't have cost numbers with me but I can tell you what kind of policies we have.
Commercial liability: covers customers in the shop, damage to buildings during and after completion of the job, customer owned goods in our shop (not vehicles), pedestrians walking by a job etc. $1,000,000. coverage
Garage keepers liability: for customers vehicles in our care and control. Due to the price of some of these vihicles and the fact that we can have 2-3 in the shop at the time we carry $200,000.
Commercial auto: self explanatory, $500,000.
Property insurance: our shop and equipment, $500,000.
Umbrella policy: above and beyond the above policies: $2,000,000.
Health policies: for myself and my partner.
If you have employees: In our state, workmen's compensation and unemployment insurance.
-------------------- Lou Pascuzzi www.economysigns.com Fine Hand Lettering since 1973 Danbury, Ct 203-748-4580 "IOAFS" Posts: 341 | From: Danbury, Ct | Registered: Feb 2000
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Jerry, if you talk to an insurance agent & they don't sound like they have a clue, talk to someone else. When I went for my insurance, I told her it was a sign shop & she looked at me like I had 3 heads, she musta thought signs just magically appear. lol.
I had to explain what exactly I do and don't do so she could accurately give me a price. I don't do electrical so that dropped it a lot from the first price she gave me. I think it's about $300 a year or so for mine.
-------------------- Chris Welker Wildfire Signs Indiana, Pa Posts: 4254 | From: Indiana, PA | Registered: Mar 2001
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Jerry, I'm a 1 man shop too. I quite all the insurance crap. No more employees! 27 years in the business now. If I break something I'll just pay for it. Out here they want $1500 a year. Some people go broke following all the rules. Just my way of thinking, but it puts much more money in the bank. Enjoy it or don't do it. . . lifes too short. . . John
-------------------- John Arnott El Cajon CA 619 596-9989 signgraphics1@aol.com http://www.signgraphics1.com Posts: 1443 | From: El Cajon CA usa | Registered: Dec 1998
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Insurance can be a major cost expense. I sure wish it wasn't necessary but I wouldn't operate without it.
We stopped insuring our tool while on road trips... as it became cost prohibitive - even with 10-15 thousand dollars of tools in the trailer and on worksites.
We still insure our shop and contents as well as carry a three million dollar liability policy. Some of our customers ask for proof on the bigger jobs.
Isurance has gone up dramatically over the last 5 years although it seems to be leveling off at last.
Our premium runs $3000 plus per year. Personal disability and truck/ trailer(s) insurance is on top of that. We spend over $6,000 per year on company insurance. And its WAY TOO MUCH in my opinion!
But the flip side is even more daunting in my opinion with the greedy folks and lawyers out there who would take advantage of no insurance.
-grampa dan
-------------------- Dan Sawatzky Imagination Corporation Yarrow, British Columbia dan@imaginationcorporation.com http://www.imaginationcorporation.com
Being a grampa is one of the the most wonderful things in the world!!! Posts: 8738 | From: Yarrow, B.C. Canada | Registered: Nov 1998
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You are lucky. Here you can't get a sign permit or put a ladder up on a public footpath without proof of $10,000,000.
Most shopping malls here want that much too!!!!
Fortunately, every June, my Insurance Broker puts together a "business package" which covers everything. Even includes the computers and data restoration. I have used that one ... saved me thousands. The broker also organises a single monthly payment for the lot direct from my bank account. Sure beats paying out lump sums and remembering when to do so.
So find a good broker. Mine is. He finds the best deals every year and only charges a 5% commission.
AND, if I ever have to claim, I just phone him and he handles all the paperwork for Free!
[ May 01, 2005, 03:42 PM: Message edited by: Jon Butterworth ]
Making the simple complicated is commonplace; making the complicated simple, awesomely simple, that's creativity. — Charles Mingus Posts: 6722 | From: Mendocino, CA. USA | Registered: Nov 1998
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