Business Insurance for Contractual Reasons?
I have recently started a sole proprietorship (environmental consulting). I work alone and have no employees (and no subcontractors). I will need to get the following insurance for contractual reasons:
General commercial liability
Commercial auto liability
Workers comp/Employer liability
I live in Georgia. Can anyone tell me approximately how much this insurance will cost (ball-park) and how long it will take to get the insuranced in place?
I'd like to get some ideas before I talk to an insurance agent.
- rcdruryLv 71 decade agoFavorite Answer
I'm not a property & casualty guy, so I have no idea of the cost; but I've been in the insurance industry for well over a decade. Why do you want the opinions of unqualified people before you speak to an expert? First, neither the insurance agent nor the company has any control over the premiums. All premiums are approved by the state's insurance commission and cannot be changed or altered except by subsequent approval by the commission; and profit margins are so razor-thin that if you're paying substantially less elsewhere, you're also getting less.
Business insurance is so complex that it cannot be comprehended by anyone but an expert, and the industry is unmatched by any other in terms of ethics and regulatory environment. Unless you're one to gather the unqualified opinions of total strangers prior to consulting your physician about your upcoming brain surgery, go talk to your agent.
- AnonymousLv 71 decade ago
What KIND of environmental consulting? Checking for Radon? Lead paint testing? Watershed testing? Green building?
I've WRITTEN non profit, environmental companies, and lead paint abatement companies, and testing companies, etc.
General liability will depend HEAVILY on your gross sales, and exacty what you're doing. Minimum premium will probably be at LEAST $1,000, depending on exactly what you're doing.
Professional liability, could be a minimum of anywhere from $1500 to $7500, or even more, depending on EXACTLY what you're doing, and for whom.
Commercial auto is easy - it's going to depend on how far you drive, your age, driving record, what type of vehicle, how it's used, what it's worth, and which coverages you have.
Workers comp for an environmental consultant who travels, is probably going to run you close to $2,000, unless it's a high hazard thing you're working with, like asbestos or lead paint or radioactive materials, or unless you're working on, over, or near the water (bridges, ships, offshore, etc).