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Started By
Message
Thoughts on value of insurance requests?
Posted on 1/2/18 at 1:20 pm
Posted on 1/2/18 at 1:20 pm
Asking for $2MM General Aggregate and $1MM each occurrence on a $2500 job seems a bit excessive.
How do you recommend monetizing such a request?
How do you recommend monetizing such a request?
6
Posted on 1/2/18 at 5:29 pm to Rouge
That's pretty standard General Liability coverage. Depending on what you do and how large your company is, you should be able to get a premium for $500 or so.
Posted on 1/3/18 at 9:08 am to Rouge
Yeah that’s standard coverage. Normally you can get lower limits it just cost the same!
Posted on 1/3/18 at 9:09 am to MsState of mind
i'm not asking about the cost of the policy
i'm asking about monetizing the request for so much insurance within the pricing of my service
putting $2MM on the line for $2500 of service seems disproportionate
i'm asking about monetizing the request for so much insurance within the pricing of my service
putting $2MM on the line for $2500 of service seems disproportionate
Posted on 1/3/18 at 9:39 am to Rouge
quote:
putting $2MM on the line for $2500 of service seems disproportionate
Regardless of your scope of services, the extreme outcomes are still possible. But, just because the insurance carrier is financing you $2M in coverage doesn't mean they expect you to reach that limit. They also don't expect you to need the umbrella at all. Insurance carriers objective is to collect your premium and not pay claims.
Posted on 1/3/18 at 9:13 pm to Rouge
Run it thru another company that has the insurance and let them put a small markup on it. Let me know if you need me to handle that for you.
Posted on 1/4/18 at 9:57 am to diat150
Even if you do $2500 of work you could in extreme cases do $1 million in damages. Let’s say you are doing a patch job on a gas pipe in an apartment c9mplex. You don’t do it right and 6 apartments with all the contents burns down. You are liable for all those damages
Posted on 1/4/18 at 12:53 pm to Rouge
You simply price it in. As said those are fairly standard amounts, one of the reason government contracts are all so expensive because they have some pretty crazy requirements even for small jobs that a smaller business would likely not have. So you charge more then normal, as a certain percentage of people won't have the requirements so the market is smaller.
Posted on 1/4/18 at 3:59 pm to Rouge
As others have said those are standard limits. Usually if insurance gets involved on commercial jobs- it means shite has really hit the fan.
Posted on 1/4/18 at 4:40 pm to Rouge
You take the premium you paid and divide it by the expected amount of jobs.
Not sure what you mean by monetize it.
Not sure what you mean by monetize it.
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