Shop Insurance - Need Help

[tasr]

I'm looking at renting a location to open a new shop and the owners are asking me to carry 2 million general aggregate, 1 million per occurence. 100,000 fire damage liability and 5000 medical.

 

In speaking to a few agent they seem to think it's a bit high.

 

Can ya'll post what you typically carry on your shop?

 

Thanks!

[mccannable]

I have 2 million because it was only $10/year more than 1 million. My lease requires 1 million.

[Mario]

1 Million is standard for most shop insurance plans from what I see. I own my buildings but around here usually the landlord pays for the building insurance, the business carries the business insurance.

[xrac]

Premium Member Content 

This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

[Pete K]

What insurance companies are you guys using for business insurance? I am shopping now and received two fairly high (seemed to me) quotes from Farmers and Travelers.

[mccannable]

In florida most big name companies don't write policies for most things. We use AutoOwners an A++. We were fortunate to get approved as having no previous experience. They used our techs resume as our experience.

[xrac]

Premium Member Content 

This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

[ATSAutomotive]

Auto-Owners

[Mario]

Erie Insurance

[xrac]

Premium Member Content 

This content is hidden to guests, one of the benefits of a paid membership. Please login or register to view this content.

[GeeZ]

I found that the best and cheapest insurance is thru your professional associations. We're with SEMA and I got better insurance with both liability (2 mil. limit) and garage owners as well as speciality installer insurance for the price of the garage owners insurance alone from my independent agent.

 

In a different life, I found insurance that was $10,000 per year that my previous company( again thru my independent agent) that was charging $50,000/year. This was thru a different professional association. Never had any claims with the previous insurance and one with the new insurance.

 

What are the professional shop owner associations? Try SEMA.

[mspecperformance]

Question for you guys, what are you guys paying for Shop Insurance? General Liability and shop keepers? I'm sure I'm paying a lot more being in NYC but I am possibly looking at some outrageous numbers. PM me if you don't want to post thanks

[Mario]

I don't have the exact numbers on my insurance but I can get them in a day or two if you want them. With Erie insurance I pay about $195 a month for insurance on two buildings, shop keepers and garage liability. I believe it is pretty reasonable. I was with Nationwide insurance for a little while, the shop keepers & garage liability was the same, but the building insurance was much higher. So high that i actually did not insure the buildings for about 6 months then a Erie Agent came along and got me setup.