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Rouge
USA Fan
TD.com HOF Member - Class of 2014
Member since Oct 2004
116627 posts
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Thoughts on value of insurance requests?
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?


BamaCoaster
LSU Fan
God's Gulf
Member since Apr 2016
1256 posts

re: Thoughts on value of insurance requests?
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.


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MsState of mind
Mississippi St. Fan
State of Denial
Member since Aug 2013
1409 posts

re: Thoughts on value of insurance requests?
Yeah that’s standard coverage. Normally you can get lower limits it just cost the same!


Rouge
USA Fan
TD.com HOF Member - Class of 2014
Member since Oct 2004
116627 posts
 Online 

re: Thoughts on value of insurance requests?
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


Snoopy04
Houston Astros Fan
Astros/ManCity Fan
Member since Aug 2015
1259 posts

re: Thoughts on value of insurance requests?
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.




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diat150
Tulane Fan
OPELOUSAS
Member since Jun 2005
27234 posts

re: Thoughts on value of insurance requests?
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.



MsState of mind
Mississippi St. Fan
State of Denial
Member since Aug 2013
1409 posts

re: Thoughts on value of insurance requests?
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


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baldona
Auburn Fan
Florida
Member since Feb 2016
5564 posts

re: Thoughts on value of insurance requests?
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.


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anewguy
Ole Miss Fan
BR
Member since Mar 2017
426 posts

re: Thoughts on value of insurance requests?
As others have said those are standard limits. Usually if insurance gets involved on commercial jobs- it means shite has really hit the fan.



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boosiebadazz
Member since Feb 2008
62058 posts

re: Thoughts on value of insurance requests?
You take the premium you paid and divide it by the expected amount of jobs.

Not sure what you mean by monetize it.


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