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Whats your insurance cost?

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Brightbox

New Member
Hi guys,

New to your site but have been in the sign business around 10 years. We build and install all types of electrical signage and every time I pay insurance it just kills me.

Was wondering if any guys can share there experience in what they pay for GL and WC. We currently pay about $25 for every $100 of payroll I believe. GL is more reasonable at around $200 mth. I've always wondered if other guys in this industry have these same high rates.

we've never had a claim on either policies.

Thanks!
 
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equippaint

Active Member
Im under auto body for wc and pay .26/100 since we do equipment painting. I think you missed a couple decimals. Our GL is about 9k/yr, no company autos but we do have a dealer tag and have garage liability which covers any machines/vehicles in our posession (with limits) while were working on them. Id bet that yours is higher because you do electrical and would be happy its not higher than what it is. Youre in contractor land and insurance is $$. Weve had no claims on anything ever yet still get dropped every couple years. Each renewal its a fight. Insurance is a scam, not to be political but regulations dont cost me much and are easy to deal with even though we have a ton of them. Insurance is the killer. Our property insurance is $1200/mo. I have friends in the trucking business paying over $50k/yr for just gl. When you include in our car and health insurance id bet we pay $40k/yr for a whole lot of nothing. Not to mention our property insurance carries a $10k deductible on each of our 4 buildings. 2 of which are carports that cost 6500 brand new.
 
Pippin Decals

Pippin Decals

New Member
Well for me i pay $26 a month just for the business side (not counting my auto insurance) and that includes 1Million dollar coverage for anything i do on vehicles,businesses etc anything i touch is covered if i break it,burn it etc.Yes i said 1 million dollars. It covers all my equipment as well.. But i am my own employee..
 
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Brightbox

New Member
Yes equippaint it's a scam, also I wish I was missing decimals lol. It's .26 of every dollar, basically 26% of all payroll. We carry high limits for national installs, and own 3 sign trucks. Our GL isn't too bad around $3000 a year, it's WC that kills us.
 
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equippaint

Active Member
Brightbox said:
Yes equippaint it's a scam, also I wish I was missing decimals lol. It's .26 of every dollar, basically 26% of all payroll. We carry high limits for national installs, and own 3 sign trucks. Our GL isn't too bad around $3000 a year, it's WC that kills us.
Click to expand...
Thats insane! A part of me really would like us to go to a single payer setup that would eliminate wc covering medical. Just a lost wage policy and your own coverage would cover any accidents. It would take a huge burden off of business owners. At the least, require health insurance to cover it with the business being required to cover out of pocket and wages. Its dumb to pay for health insurance and then essentially another health insurance policy above it. Especially one that youre scared to use due to it effecting emr ratings, rate increases etc. Then the risk of them just dumping you all together.
 
dale911

dale911

President
I have 2m liability 500k equipment and building insurance and I'm the only employee so it costs me about $1600 a year. I am interested in adding an older bucket truck but am wondering how that is going to affect my insurance. I know a huge company in my city has several bucket tricks and probably at least one crane and are paying around $140k annually for their insurance but that includes their employee insurance as well.
 
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