Liability insurance? Suggestions?

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sw_ross

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I took my Master's exam last fall, but have continued to work for others as if I'm still a journeyman. Some circumstances are causing me to think about becoming self-employed.

I'm in North Dakota, which allows you to be a "Non-Contracting Master", and work under others contracting license (basically as if you were still a j-man). It doesn't allow you to advertise your services on your own. I have interest to promote myself as an Electrical Contractor.

To become an EC, the state only requires me to show $500,000 worth of liability insurance to convert my current license over.

Can someone point me in a direction for perusing liability insurance ? I contacted my State Farm Agent to ask them, they quoted me $611/year. Is this comparable to what others are paying?

Thanks,
 
While you are at it, ask for a quote for $1,000,000 and for $2M. It may not be that much more.
 
sw_ross said:
I took my Master's exam last fall, but have continued to work for others as if I'm still a journeyman. Some circumstances are causing me to think about becoming self-employed.

I'm in North Dakota, which allows you to be a "Non-Contracting Master", and work under others contracting license (basically as if you were still a j-man). It doesn't allow you to advertise your services on your own. I have interest to promote myself as an Electrical Contractor.

To become an EC, the state only requires me to show $500,000 worth of liability insurance to convert my current license over.

Can someone point me in a direction for perusing liability insurance ? I contacted my State Farm Agent to ask them, they quoted me $611/year. Is this comparable to what others are paying?

Thanks,
Click to expand...

if you are going to actually do this, get 1M/2M total aggregate.
that is about the minimum someone will require to let you contract with them.

and, check out binder fees. some people will issue all the binders you want
for a flat fee, and some have a per issue fee, of up to $150. each.

you want the flat rate, binders till you bleed, all inclusive.
i've had nationwide since 2006, and i'm paying $1,600 per year for 1M/2M.
i get a lot of junk mail giving the same coverage for half that, but
nationwide has good service, and that is worth something to me.
i don't want a call center in sri lanka that feels like you are talking to tech
support at a computer vendor.
 
I pay about $1050 per year for 1 million I think. Actually, that was kinda higher than other quotes I got but I needed coverage in several states and it was difficult finding a company that could do them all.
 
sw_ross said:
I took my Master's exam last fall, but have continued to work for others as if I'm still a journeyman. Some circumstances are causing me to think about becoming self-employed.

I'm in North Dakota, which allows you to be a "Non-Contracting Master", and work under others contracting license (basically as if you were still a j-man). It doesn't allow you to advertise your services on your own. I have interest to promote myself as an Electrical Contractor.

To become an EC, the state only requires me to show $500,000 worth of liability insurance to convert my current license over.

Can someone point me in a direction for perusing liability insurance ? I contacted my State Farm Agent to ask them, they quoted me $611/year. Is this comparable to what others are paying?

Thanks,
Click to expand...

Probably not cheaper but, maybe try Federated Insurance.
 
Back in 2007-2010, as a subcontractor, I had a $2M umbrella policy that ran about $900 a year. Included business liability, accident, theft (to $20k), vandalism. Was thru my regular insurance co which also covered my vehicles. I dont remember all the details but it was pretty comprehensive. Make sure to ask questions on what your policy covers, and to how much.
 
Mine is running $780.00 yr for:

General Aggregate -- 2,000,000.00

Products -Comp/OP Agg -- 2,000,000.00

Personal & Adv. Injury -- 1,000,000.00

Each Occurrence -- 1,000,000.00

Fire Damage ( any one fire ) --100,000.00

Med Exp ( any one person ) -- 10,000.00
 
1793 said:
Mine is running $780.00 yr for:

General Aggregate -- 2,000,000.00

Products -Comp/OP Agg -- 2,000,000.00

Personal & Adv. Injury -- 1,000,000.00

Each Occurrence -- 1,000,000.00

Fire Damage ( any one fire ) --100,000.00

Med Exp ( any one person ) -- 10,000.00
Click to expand...

Yep, that's it. I remember I added a rider for the theft, and had to hand the insurance co a complete list of my tools on the truck with their costs, as well as an average materials list.
 
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