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Insurance Needs |
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Samson 
Newbie 
Joined: 10/November/2005 Location: United States Status: Offline Points: 7 |
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 Topic: Insurance NeedsPosted: 20/December/2005 at 10:01pm |
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For those of you who are a one man operation and carry business insurance - just wondering how much liability insurance you think is sufficient? ($300,000, $500,000, 1mil) |
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doug
King of the One Liners 
Just My opinion Joined: 31/January/2004 Status: Offline Points: 32711 |
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Posted: 20/December/2005 at 10:10pm |
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Minimun of 1 mill. I carry 5 mil.
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Just My opinion
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cmaster
IICRC Instigator 
Joined: 29/January/2004 Location: Canada Status: Offline Points: 29693 |
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Posted: 20/December/2005 at 10:58pm |
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5 mil here
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Steaminpile
Master Carpet Cleaner 
Joined: 04/February/2004 Location: Canada Status: Offline Points: 1155 |
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Posted: 20/December/2005 at 11:45pm |
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2 mil should be your minimum
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A.K.A.
Andy |
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LilNiteRidrhood
Master Carpet Cleaner
Joined: 17/March/2004 Location: Antarctica Status: Offline Points: 1257 |
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Posted: 21/December/2005 at 2:03pm |
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2 million is considered the minimum by most people looking for insurance coverage.
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Ed Valentine
Carpet Cleaning Specialist 
Joined: 14/September/2004 Location: United States Status: Offline Points: 770 |
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Posted: 21/December/2005 at 2:21pm |
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I think the first item that one should consider is: a. Are you just starting out? b. Or, do you have some time in this business? Big difference here in terms of "how much" insurance protection to have. Now, this goes without saying that if your budget is unlimited (most are not), then the sky's the limit. How could anyone go wrong on that judgement?! However, "What is your exposure thus far"? No jobs, no exposure. First job, very little exposure, and so on...... Personally, I would "start" at $500,000 and as you build your business, re-look at your position of exposure AND accumulated wealth.
Good Fortune to all; Ed Valentine |
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jtuseo
Carpet Cleaning Specialist
GULLY Joined: 23/November/2005 Location: United States Status: Offline Points: 681 |
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Posted: 21/December/2005 at 6:48pm |
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Just starting out get covered for 100,000.
Keep it gully though when you look for insurense. |
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Steaminpile
Master Carpet Cleaner
Joined: 04/February/2004 Location: Canada Status: Offline Points: 1155 |
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Posted: 21/December/2005 at 9:29pm |
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shouldn't a newbie have MORE insurance??
he's more likely to use it isn't he??
if you want any commercial work I'd go 2 million personally
it's really not very expensive.....mine is less than $100 a month
but it was tough to get at first |
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A.K.A.
Andy |
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Samson
Newbie
Joined: 10/November/2005 Location: United States Status: Offline Points: 7 |
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Posted: 21/December/2005 at 11:48pm |
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Thanks everyone, that helps. By the way, can somebody explain the meaning of "Gully". Not up on that term/slang(is it Canadian?) |
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