I just finally bought some. It will cost me about $500 a year. Stupid me assumed I had it because I did buy a commercial policy for my garage and contents. I just bid on a $650 job for a new A-Frame sign (3x5) and the repainting of their existing A-Frame. I had to submit proof of insurance to deliver a sign to them that I will be making here! Seems crazy to me, but I do realize the importance of being covered in the event of an accident. Love....Jill
Posted by Charlie Wade (Member # 6504) on :
Wow, that sounds pretty cheap! I've got a $1MM gen liab. policy, but I've noticed some marinas requesting that you carry a $2MM policy before doing any boat lettering in their yard.
Posted by Jillbeans (Member # 1912) on :
Hmmm...let me look at this paperwork. Commercial General Liability Limits: Each occurrence- $300K Medical Expenses (any one person) $5K General Aggregate- $600K Products- Comp/OP AGG (???)- $300K So I dunno how great this policy is for $500 a year...but it is better than nothing, which is what I had! Love....Jill
Posted by Curtis hammond (Member # 2170) on :
Its usually fine.. Many places request high amounts because that helps them screen out lamers and jacklegs. Often they will accept a lower amount if you discuss it with them. why require high insurance amounts if you do work at yoru own place with a product that is only $500 bux. Many times if they ask for proof they just wanna see some insurance.
Now you have a marketing tool too. Jills Signs. Licensed and INSURED.
Any body know what a jackleg is? Picture a car mechanic working under your car while it is held up with one of them old bumper jacks. Hence jack leg. Yes, it used to happen a lot.
Posted by Sonny Franks (Member # 588) on :
One way to save a considerable amount on your liability insurance is to list yourself as a graphic artist instead of a sign fabricator. My annual payment is only $150 for the same coverage.
Posted by Joey Madden (Member # 1192) on :
Sonny is intelligent, he has done his homework and toppled the giant. Correctly adjusting wording to fit your pockets is the key to the insurance world, just like taking candy from a baby Posted by Judy Pate (Member # 237) on :
My policy has $1 millon liability and also covers my computer,plotter, etc. and the contents of my truck. Since I am home based and my home owners policy does not cover my computer and other equipment I use to make signs. I pay $339 a year. My policy is thru an independent agent and is with Auto Owners Insurance. I need to check my policy and see if I have enough to coverage to cover replacement cost for my computer,software,plotter, and the rest of my equipment (e.i.table saw,router,jig saw, etc.).I haven't updated it lately Sonny, sounds good as long as your policy will cover any damage that may occur while painting, installing a sign,or anything else that might occur. Judy
[ February 11, 2007, 02:01 PM: Message edited by: Judy Pate ]
Posted by Alicia B. Jennings (Member # 1272) on :
Insurance? Am I missing something here?
Posted by Mark M. Kottwitz (Member # 1764) on :
Yeah, one of my subs req'd me to carry 500K, and I got it for the year, and it ran me about 600 (under graphic artist).
I just upped it to 1 million, and it only ran about 850 for the year.
You will want it regaurdless. Your covered, and your equipment and software is covered.
Posted by Dan Sawatzky (Member # 88) on :
Insurance is a must in our business and unfortunately it costs a lot. But it is a cost of doing business.
Our home based business is NOT covered under our home insurance.
We carry a $3,000,000 policy as required by many of our customers. The shop and tools are also covered for replacement value.
We have a general liability policy as well as the coverage for our own stuff. Certain expensive items are listed (and charged for) separately. These items would include computers, router and other big equipment.
The cost of our policies is much, much higher than any of the folks list above but then again our needs are up there too.
I don't like paying for expensive things like insurance which hopefully we will never need but they are absolutely necessary!
-grampa dan
Posted by Jillbeans (Member # 1912) on :
I only finally got the garage/contents insured a few years ago. Before then I had an inland marine policy to insure my computer and plotter. It's all covered under the business now. In this day and age, insurance is becoming a must. The thought of losing my business/house due to an accident is really scary. I'm glad I bought the new policy! Since I do deliver signs, I dunno about the graphic designer thing. Better safe than sorry I guess. Love....Jill
Posted by Michael Boone (Member # 308) on :
Insurance on electrical equipment is a must here... We get a lot of lightning strikes I lost 2 computers already and a fax machine and a stereo
What happens to you graphic designers who make a sign,install it ...and it comes down in a windstorm and hits a car.. or worse yet...a person....
Suppose you are on a job....move the clients vehicle...and damage it... for example....drive it thru a partially opened door,,, or drop a scaffold on the hood... the above 2 both happened to me insurance paid ........
Posted by Doug Allan (Member # 2247) on :
quote:Originally posted by Mark M. Kottwitz: Yeah, one of my subs req'd me to carry 500K, and I got it for the year, and it ran me about 600 (under graphic artist).
I just upped it to 1 million, and it only ran about 850 for the year.
You will want it regaurdless. Your covered, and your equipment and software is covered.
what you've "covered" is the need to provide "proof of insurance" ...but I'm not convinced that you or Sonny are making the best decision.
If you want to keep your insurance costs down because you don't really want insurance.... then I think you have achieved that... but if you really want protection in the event of an accident... well if your client trips on your mouse cord & your computer falls on his foot... you're probably covered... but in the other 99% of potential for liability.. I would tend to think the insurance company lawyers saw the "adjusting wording to fit your pockets" idea a loooong time ago, & adjusted their own wording in the fine print of your policy.
In my opinion, there is no point in paying for insurance if you are not 100% honest... except if there is value just in being able to provide "proof of insurance" .. if that value is worth $850... then disregard my comments
Posted by Doug Allan (Member # 2247) on :
oh... Boone beat me to it, but I had only read his 1st paragraph Posted by Mark M. Kottwitz (Member # 1764) on :
quote:Originally posted by Doug Allan: In my opinion, there is no point in paying for insurance if you are not 100% honest...
I was completely honest with my insurance underwriter about my line of business. I sat down with them, explained what I did, what I did it on, and the typical day.
They suggested "Graphic Artist" rather than "Sign Company" because I don't do any high installs (ie over 8 feet). One thing to remember about insurance companies is that their inital response is to deny any claim, and if they find one thing out of place, then they won't cover you in the least.
I did have one issue come up week before last. I was working at a subcontractors, and finished up installing graphics on the hood of a roll back. I had the front end folded forward, and it got put back into position (I don't remember if I did it or the other guy), but I took off. The owner of the company moved the truck outside, and left for the night. The owner of the truck came later that night and picked it up, and after leaving the shop, the hood came up, and did some damage to the retaining cables. Now who is at fault here? Me for not double checking the hood straps prior to leaving, the owner for not straping when he pulled it out, or the truck driver for not checking his equipment prior to leaving the property? I know it did come back on my insurance, and I called them, explained the situation to them, and they told me to get pictures of the damage, and (2) quotes for repairs, and get all of it to them and they would take care of it. I did find out that the wrecker driver had hit a deer last year, and the front end of these trucks cost $12,000 with out headlights, signals, or a grill, so I was sweating about the cost, and how much will my insurance go up. It did turn out that there was not that much damage, and I had to run down to the hardware store, grab (2) aircraft cables, a couple of springs, and a couple of cable clamps. Total cost $18.64 and about 45 minutes of my time installing it all, and getting it adjusted.
Posted by Checkers (Member # 63) on :
Good for you Jill. My agent quoted me about $1,200 for a 1 million liability policy with inland marine. Also, just be forewarnded, if you end up making more money in a year than you originally tated, you may have to pay more towards the policy at the end of the year. Not to get too far off topic, but I have to bring up this post... http://www.letterhead.com/ubb-cgi/ultimatebb.cgi/topic/1/39168.html?#000003 So, even though you think you're saving money, you may be better off taking your insurance premiums and going to Las Vegas. You probably have a better chance of getting a payout.
Havin' fun,
Checkers
Posted by Curtis hammond (Member # 2170) on :
quote: In my opinion, there is no point in paying for insurance if you are not 100% honest..
Yes, and the real problem is that.. Some agents are not completly honest either. Not from a lack of ethics, but from a lack of motivation or a lack of understanding the bizz. So we consumers have to play the words game. IE: I had one bizz that was charged an expensive rate. Later found out that it was missclassed. That reclassing lowered my rates to just over $800 a year.
Posted by Doug Allan (Member # 2247) on :
I have breakfast with my insurance agent every Thursday... and my banker, & my tax guy. We are all in the same business club & it seems helpful to use professionals who know & trust each other & are accountable for the leads we share through the business club & accountable in all the business we provide for each other.
I agree that just being hobest is not enough if we are not careful who we are dealing with.
Mark, I'm glad your insurance guy was in the loop on the whole decision. It sounded like people might get the idea of not mentioning any installs, or power tools etc just to save a buck, so I had to throw in my 2 cents.
Posted by Si Allen (Member # 420) on :
Then there is the So. California method....go back to Mexico for a month, and come back with a new name.
Posted by Dave Sherby (Member # 698) on :
Si Posted by William DeBekker (Member # 3848) on :
I with Doug and Boone on this one. Be careful on the wording. We do work in High Locations, in the public right of way and do work for the city and State along with the Dept. of Corections. (Which is another whole ballgame as there is background checks involved with that) We carry $5 Million Liability with $1 Million Equipment Replacment and 2 Million Building replacment. We pay $1800 a year for this. Small price incase something Happens. As for the Replacement I made sure we had the policy that gives us Current replacement not Prorated so If the woodshop burns down we get paid for the new tool cost not what they think it was worth.
Also food for thought. We work with our Insurance agent to make sure that the signs we install are covered after the fact by the owners insurance. Most business Policies do not cover Signs unless they are specifically listed under the policy. So We always tell our customers to review their Policy to make sure their sign is covered. As some of the Lighted and Digital signs can run $20k or better and its a bitter disapointment after installing a new sign and some Yahoo Shoots it and you have no coverage on the sign. (Redoing one right now that was hit with a shotgun.. Ricky where were you 3 weeks ago. )
It is really surprising acually how many signs are used as target practice up here.
Posted by Jean Shimp (Member # 198) on :
On many jobs we are required to have at least $1mil general liability and products and completed operations because we do installations. The liability portion of my insurance just went up from $900 per year to $2500! I have $30,000 in property coverage (replacement cost in case of loss). It just went up from $300 per year to $2000!! Yes, Florida is an insurance nightmare if you want to make and install signs. I'm having a hard time swallowing this but I'm shopping around and not finding any alternatives. I'm re-thinking the whole operation. Posted by Janette Balogh (Member # 192) on :
I pay alittle over 700 annually, for liability insurance.
Each additional insured I have put on my policy is 75 bux, and I have one corporation that requires me putting 3 on my policy for all their affiliates. This corporation also requires me to carry 2 million in coverage. It's crazy because I rarely even step on their sites, I just cut vinyl for them. But they require the same from all their vendors, regardless of the capacity for which they work for them.
Needless to say, I charge them top dollar for anything I do to compensate for all these hoops I need to jump in order to do business with them.
A couple years ago I tried what Sonny suggested, but that did not make a difference for me with my insurance company ...which is Nationwide.
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