6 October, 2013

Residential Construction

I have just registered my business. This business specializes in residential property maintenance, residential construction and residential masonry. I would often know approximately how much I will need to put down for liability insurance that would cover me if anything was to go wrong. I have no employee's and no vehicles to add on. I want to only be covered for liability. Thank you very much and I hope to have a better understanding on this matter soon thanks to you. After looking around, I learned — Business liability insurance varies from state to state in terms of coverage and other inclusions. It will be better to contact an insurance broker who can explain the nitty gritty details of business liability insurance. It is important that you get the broker to spell out all the details of the insurance and the terms and conditions. You might also want to check the reliability of the insurance broker you are dealing with in terms of expertise on this particular type of insurance.

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  1. Mindi RR October 2, 2013 at 3:39 am #
    Hey Ron. My first suggestion is to back off what you claim to do here. You claim to be the only employee and you are doing residential construction. So, are you remodeling or actually doing construction? If remodeling, maybe you'll have a chance; but nobody will believe that you are doing residential construction by yourself. No vehicle too huh, how do you get materials to your job site?My issue here is that you do too many different things. You sound like a paper contractor (doesn't do any work, subcontracts it all) or just a one man show trying to act like a big company that can do anything. Listen to me here, I am not trying to make fun of you, I am trying to explain how an insurance agent/company will approach your account. . . They are going to doubt your honesty (I would). Maybe think about focusing your scope of work. What kind of experience do you have? When property maintenance, residential construction and masonry all sound similar, they are not that close. Property maintenance is relatively cheap when compared with construction, unless snowplowing is included. Residential masonry really isn't too bad either. However, residential construction (I bet you mean remodeling, but I'm going with construction) will be the big issue. You'll need to have subcontractors (unless you are a licensed plumber and electrician too) and you'll need any employees. "liability insurance that would cover me if anything was to go wrong"This statement is tricky. You only need to buy insurance with a limit of $1 more than you plan to get sued for. For most things, yes, a $1 million liability policy should be fine. Were you to be responsible for permanently injuring a child, you're looking at millions. There is no insurance that would cover you if "anything" were to go wrong, you'll need to pick a limit ($1mil would be my recommendation though). Based on what you state above, you are looking at a minimum of $5,000 annually with 20% down. If you scale it back a little; just masonry would be $1,500 and property maintenance maybe $2,500. It is the combination and especially the residential construction that drive up the price. This does not include any other insurances, like workers comp. Good Luck with the new business.