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  1. #1
    Join Date
    Nov 2016
    Location
    Huntsville, Alabama
    Posts
    433
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    Insurance OH BOY WHAT A GREAT INVESTMENT?

    New contractor here (second contracting business first HVAC biz) and insurance is such an amazing hoop we need to jump though.

    General liability is required by law in this state and then beyond that your attorney and accountant will drive you towards more protection if they care about you.

    So we have property coverage for the contractor (me!), and liability protection for the contractor (me!) and then you need special business auto coverage. !? Why special biz auto coverage do you ask? Biz auto insurance would cover damage to a unit if you destroyed it while unloading it out of a truck during while normal auto insurance would not cover this unfortunate event.

    The property insurance covers weird stuff like loss of income due to loss of tools and losses due to employees breaking the law and lost keys and BAIL BOND MONEY UP TO $2500! oh yea! Loss of refrigeration? naaa couldn't happen to me haaaaaaaaaaaaaaaa

  2. #2
    Join Date
    Nov 2016
    Location
    Huntsville, Alabama
    Posts
    433
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    Thread Starter
    So we have property, General Liability and then Business Auto and to fully protect your personal assets and family assets you would go further and get a business umbrella on top of that. And always sign everything with your full name and full title and full business name and make sure every customer signs your legal contract... Maybe this all sounds extreme but it is "cheap insurance" in the long run.

  3. #3
    Join Date
    Jun 2003
    Location
    Chicago, IL
    Posts
    6,067
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    Quote Originally Posted by Tom Thermo View Post
    Why special biz auto coverage do you ask? Biz auto insurance would cover damage to a unit if you destroyed it while unloading it out of a truck during while normal auto insurance would not cover this unfortunate event
    Really? I would not expect it to cover a unit you damaged unloading it. Would it also cover a cell phone dropped will getting out of the truck? Doesn't really seem any different


    I would expect it to cover a unit you hit with the truck


    Sent from my iPhone using Tapatalk

  4. #4
    Join Date
    Oct 2002
    Location
    Plano, TX
    Posts
    2,417
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    Workman's comp is a good investment.

  5. #5
    Join Date
    Aug 2012
    Posts
    3,773
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    don't forget bonding.

  6. #6
    Join Date
    Jan 2015
    Location
    Iowa
    Posts
    1,683
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    Insurance a nessesary evil but make sure you ask the right question when you buy it.

    Had a fairly new hydraulic dump trailer that I used to throw my scrap stuff in. Just emptied it I parked the truck and trailer in the street in front of my house. Just unlatched and jacked up about 1 inch above the ball on the truck. That night a drunk driver (no insurance of course) hit it, threw it up in my yard, hit my work truck then pushed it into my van.

    Personal car insurance paid for van, business insurance paid for truck. My home owner insurance said nope would not cover the trailer even though it was at my house, business insurance said it was not connected to the truck so it would not cover it. But I said it's listed as one of my insured assets. Business insurance came back and said it was not at my office or on a job site so it would not cover it.

    Cancelled those policies that day

  7. #7
    Join Date
    Nov 2016
    Location
    Huntsville, Alabama
    Posts
    433
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    Thread Starter
    @ Craig1 I just checked and there is a $1k coverage for cell phone in the property insurance category. The insurance man described the property insurance portion as "free" because if you try to get liability insurance without it then you will probably pay more.

    In Alabama you cannot get your state license without proving you have a $15k performance bond.

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