Insurance - Business owners what do you pay for insurance per year?

Re: Business owners what do you pay for insurance per year?

John K said:
I've done it! After some talking with my insurance agent. i was able to get the same coverage for about $1,040/year. So I am able to get covered if a customer drops a car off at my house, if I drive their car, OR I go to their place.

I am very happy right now, as I can finally focus on growing my business. Thanks again for everyone's help! My business (part time for now) officially starts TOMORROW!! :) :)

John
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Congrats man...good luck...make sure to post your first gig!
 
Re: Business owners what do you pay for insurance per year?

Will do! I got my first "official" customer today :)
 
Re: Business owners what do you pay for insurance per year?

John K said:
Will do! I got my first "official" customer today :)
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Sweet, do lots of pics! I'm hoping to get into more serious detailing as well myself.
Would you mind me asking what you ended up charging him (or her) and what all you offered...and what equipment you used (especially did you use a DA or rotary?)

I'm only workin with a DA so I'm wondering what all i could really offer someone since i dont know how to work a rotary yet...keep us updated!
 
Re: Business owners what do you pay for insurance per year?

I will do a full write-up tonight. You will laugh when you see my products ... I am doing this on a shoe-string budget and cashflowing 100% (no debt). So no boutique stuff (Souveran / Chemical Guys / etc.) for awhile.
 
Re: Business owners what do you pay for insurance per year?

John K said:
I will do a full write-up tonight. You will laugh when you see my products ... I am doing this on a shoe-string budget and cashflowing 100% (no debt). So no boutique stuff (Souveran / Chemical Guys / etc.) for awhile.
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Naw wont be any laughing here....i'm in the SAME ballpark..no debt (yet) :xyxthumbs:. Got a small credit line now that I'll probably use to help get some products but i'll just pay it right back off...might as well try to slowly build my credit with all this stuff i'm going to be buying. The only 'boutique stuff' i've got from Chem. Guys is their MF's when they were on sale lol. The rest is mostly just Megs...few Mothers products that have worked pretty good for me...but nothin super crazy
 
Re: Business owners what do you pay for insurance per year?

WOW guys! I'm a carpenter in NH with 1mil , 3 mil policy & it only costs me 800.00 per year + based on my sales. Thank heavens in this case my sales arent that high!!!!
 
Re: Business owners what do you pay for insurance per year?

mtmebnj said:
On that $1,300 policy the agent probably made under $200. If the agent is not the owner figure he got 30 to 40% of that. So the agent made 60 - $80 bucks and i BET you killed them with questions and spent some time. So places maybe thats a lot of money but in NJ I would hav lost money. SEND THAT AGENT WHO HELPED YOU SOME MORE BUSINESS! Send him a contractor or med size business referal.
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I guess with this mentality, you don't plan to keep your customers for the long haul so you take that $200 or less and run? If you expect ME to pay YOU without having to answer some questions, think again. Maybe think about the potential business each of your customers could bring in by privileging them with a few minutes of your time.

I've actually followed my insurance agent from one company to another because he treats me like a human being and not as a paycheck. He's not making thousands of dollars off of me but he knows that I'll bring all future business his way. I went from insuring one crummy car to insuring multiple cars to insuring my home and now having my wife and a couple of jewelry policies through him. Not to mention the referrals I've sent his way. Him providing me with insurance isn't enough for me to give out referrals as that is his job. Treating me with respect is what motivates me to send him more business. That few minutes of time could get you a lifelong customer (residual income) and potential referrals. Just my $.02

EDIT: I just realized I dug up an old thread. Sorry about that.

Mark
 
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mrj7500 said:
Insurance - Business owners what do you pay for insurance per year?


Thinking of starting a detail business, so I called my insurance agent to get a quote.

$1400 a year to cover cars up to 30K in value, if I would get a more expensive car I could increase coverage for one day at a time.

This would be a home based business (to start), so this is just coverage for customer's vehicles. Is this a good rate?
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I wonder if it's because you are doing this as a home based business. I pay about $90 per month and have $1,000,000 coverage. You may wann shop around.
 
lol ok guys there is lots of rip offs out there need to shop and reshop all the time. I was paying 1400.00 for rvs and 700.00 for boats and 600.00 for car for 1,000,000. for 2700.00 a year. this is bs so I went looking got cars boats rvs my shop with 2,000,000 for 514.00 a year saved over 2100.00 I know you say where is that place well its name is LIBERTY MUTUAL THATS WRIGHT THE ONE ON TV. CALL BOLT INSURANCE AGENCY ASK FOR catherine moreno 860 777 2620 tell charlie from master detailers sent you ps certificates of insurance sent By fax FREE IN 1 HR
 
WOW, you guys pay alot. My policy is $419 a year for $500.000. Do you really need more than that? (State Farm)
 
well since you guys all have insurance i have some questions for you. Im starting a detailing business from the ground up at the moment. What would be the right coverage for me? I plan on doing automobiles to start but id like to expand and do boats rv and planes in the future. I plan on doing the detailing at their location as well. With these million dollar policies does that cover my equipment and rig as well?
 
This is interesting to me.
How would this compare in Canada?
I only ask because automobile insurance in Canada is a joke.
When I got my Mustang at 21, I was paying $400/month.
A Corolla would have been $380/month...and that was the lowest rate I could find with a clean record..everything else was $6000-$8000 anually.
Not to derail this thread, but would the business insurance rates be significantly higher here as well?
 
$1350 a year through Travler's
1 Million Total Policy, 120k PER VEHICLE
Business Liability, Garage Keepers, & Building insurance
 
Would love to get some feedback on this quote I received today. I'm starting small w/my detailing. Not my primary source of income. Just doing it on the side. I'm the only employee, and my main target market is 'daily drivers'. I will be mobile if needed. If my business and demand for other details increase, then I'll get more insurance. Here's my coverages:

LIABILITY
Gen Aggregate $2mil
Products-Completed Operations Aggregate $2mil
EA Occurance $1mil
Personal & Advertising Injury $1mil
Damage to Premises Rented to you $1mil
Medical Expense $10K
Total Liability Premium = $193/yr

GARAGE KEEPERS
Comprehensive $500 deduct ea vehicle/$2500 ea event. Limit=$30K
Collision $500 ea vehicle Limit=$30K
Total Garage Keepers Premium = $303
Premium for Certified Acts of Terrorism = $3

Premium Grand TOTAL = $499/yr $41.58/mo

Is there something that should be added. Would appreciate any feedback. Thanks!
 
California... $850-ish from State Farm. I am new to the business world and I probably paid a little more. However, it was a trusted agent and don't want to screw it up. It's for $300,000 general and $15k for damage.
 
LIABILITY
Gen Aggregate $1mil
Products-Completed Operations Aggregate $1mil
EA Occurance $500k
Personal & Advertising Injury $500k
Damage to Premises Rented to you $1mil
Medical Expense $250K
Total Liability Premium = $300/yr

GARAGE KEEPERS
Comprehensive $500 deduct ea vehicle/$1000 ea event. Limit=$150K
Collision $500 ea vehicle Limit=$150k
$900

Full Coverage on Truck/ trailer including theft of tools or equipment- $700



Sent from my SM-N900V using AG Online
 
Re: Business owners what do you pay for insurance per year?

mtmebnj said:
I sell business insurance and no one is calling you back because the premium is so small. We get paid based off of premium so a $1,000 policy makes us only about $50 which bascially makes the agency lose money based on time, etc. Thats why no one is calling you back.
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I called an insurance agent for liability insurance and he knew what detailing was and how to communicate that to the underwriters. In many cases, that's half the battle.

However he never called me back. If he did, not only would he have my business liability insurance, he'd have my commercial auto, personal auto, home-owners, life and health insurance business, too. Isn't that worth a phone call?
 
Gearhead said:
That seems very reasonable. Who is the quote thru?
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Bolt Insurance out of CT and I'm in WI. I'm usually a "do business locally" kind of guy, but I'm actually shopping for the lowest rate which this is, but want to be covered. God forbid if I were to make a claim, I wonder if that would come back to haunt me. Anyone else heard good/bad about Bolt? Thanks!
 
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