Insurance for new venture

[mccannable]

I am planning a soft opening in mid to late January and have started looking for insurance quotes. I did not realize how difficult this may end up being. I have only spoken with two offices so far. The first could not cover a new venture(without previous experience) and the other wants all the info of all the employees up front before they can quote(we are hiring one mechanic and do not have that info yet). I understand cost will be higher fora new business but am having a hard time budgeting for this expense. I know there are many factors involved but if anyone that has started in the recent path could shed some light on this topic I would appreciate it. I did search here and did not find alot but online i found quite a few quotes for detail shops that seemed very reasonable(under 200/month). In my business plan I budgeted for $900 for Liability and Garage keepers.

 

any advice is always appreciated.

[Sean]

Not sure if this helps but it may:

http://www.ratchetandwrench.com/RatchetWrench/November-2013/Potential-Gaps-in-Your-Business-Insurance-Coverage/

[mccannable]

Thanks Sean, that will aid in my knowledge when speaking with agents.

[mmotley]

I could forward you my agents information if that would help any. Shoot me a PM if your interested

[xrac]

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[mccannable]

Talk to Brian Boland at 216-325-9060. They do all of the shop insurance for the Certified Auto Repair insurance program. Brian is a good guy and may be able to help.

thanks I will reach out.

[mccannable]

Thanks for all the info. I had to have a FL agent as most major companies do not write for FL(seems to be a trend). Turns out getting coverage for a new venture is much more difficult than expected but I have learned alot in the process and have finally started finding companies to work with us. Turns out I way over budged for insurance and have been happy with the info so far. I have yet to purchase(waiting on a few more) so hopefully its smooth from here.

[ATLAuto]

Glad to hear you budgeted too high!

 

Unless you are covering medical, the agents should not be asking for any employee information whatsoever. All they care about is your gross sales for workers comp and your building size / value.

 

Make sure you are using an agent/broker and not working with just one company. My agent shopped around a list of almost 100 companies for workers comp. He is excellent and based in Atlanta if you are interested.