Posted on January 23, 2010.
General liability insurance construction? We are starting a new business in the construction sector. I was wondering if someone could give me a rough estimate of the amount of general liability insurance would be for the year. It is a corporation in Ohio, general carpentry / renovation. I guess we would need at least $ 200,000 in insurance to launch us.
In advance Thank you!
In Ohio, civil liability is very inexpensive. Most small entrepreneurs can obtain a policy of $ 1,000,000 for $ 400 - $ 500 per year. Call a local agent who wrote the contractors and get a quote. Should take less than five minutes for them to ask questions of pricing.
Nobody can, for several reasons.
Firstly, I do not know of any companies that write $ 200,000 of liability. And if they did, the $ 1,000,000 would cost roughly the same.
Secondly, there is no code for "class" for general carpentry. There, interior carpentry, "which is wood, cabinets, etc., but it's different upgrades, which may include drywall, painting, additions, electrical, plumbing, etc.
Third, you do not mention the number of employees you have, or if you are subcontracting the work. If you are outsourcing more than 25%, the GL will cost at least $ 2,500. If you have any employees, face a minimum of $ 1,000, if you have no coverage at all, and no external work, and $ 500 per employee.
You will also need workers' comp coverage.
And remember, the subcontractors who do NOT mock their own employees or general liability, will be considered employees of your policy, you will also have to buy blankets for cover.
Short answer: You get a real quote from a local independent agent, giving them more information than you posted here, breaking down exactly what kind of work you are doing.
