Mundane business expenses

[daniel@procarpet]

Everyone has to carry insurance. It is a necessary evil and something we all try to get a deal on. I started shopping rates to see if I could save some money. My business is a little different now than it was a year or two ago. I focus almost exclusively on residential in nicer areas. I used to take every job that came down the pike, but now I will turn down jobs I don't feel comfortable about.

I thought I was carrying too much coverage for all my tools and equipment on two trucks so I was going to lower my equipment coverages or atleast try to.

I called my insurance company and asked them why I had not received a bill this month. They said you are on a 10 month plan and paid up till next month. That is like putting 600 in my pocket I thought. Wow I was very happy at that news.

I feel like my coverage is pretty good.

I have two vans - full coverage
The equipment and the van are not separated so the value of the vans and equipment is 50,000. If I total a van and the equipment, the policy will pay up to 50k.

I have 3500 coverage for miscellaneous tools on my truck covered for theft with a 250 deductable.

My liability coverage is 2 mill or 1 millon each occurence or something like that.

I thought I was paying around 300 per month, but just found out I make 10 payments of 270. That seems like a great deal to me.

 

[Ken Snow]

suggestion- up your deductible to 500 or 1000 and raise your liability to 5 million and the cost will prob be the same.

 

[Desk Jockey]

Ken is right, you're over paying on that low deductible. Put a little away for the deductible if it bothers you to raise it, but you'll get more for your money.

 

[joe harper]

For your age...that is a pretty good rate....

Ken & Chavey are right about the deductable...

All states have different insurance LAWS...!

Here in fl... we carry a policy..called a "Inland Marine" policy..It covers equipment only..

I always insure my equipment @ a STATED VALUE....this lowers premiums drasticly.....

Example: You are covering your unit & van @50k in premiums...

You could request...a "Stated Value" policy...of 30k...and really lower your premiums.. :idea:



After all....you don't have 30k invested in entire unit... :wink:

If you total the van and the unit is NOT damaged....

You still have your standard auto policy to replace the van....

 

[joeynbgky]

Tennessee doesnt make you carry auto insurance, so are there even any laws in TN that say you need insurance? even though you have to have it

 

[Ken Snow]

Joe

For our old slide ins it was inland marine, but our direct drive units are considered part of the vehicle and covered under auto policy, which saves us many, many 1000's a year.

 

[joe harper]

Joe

For our old slide ins it was inland marine, but our direct drive units are considered part of the vehicle and covered under auto policy, which saves us many, many 1000's a year.

I concur..KOJ...

I had the same coverage with my BUTLERs... 8)

In 96...I had a 50ft oak tree fall on a NEW Butler....They covered everything that was
"BOLTED DOWN... :!: I had to claim a "crushed"...RX20,5jet Butler wand,and everything
else damaged ... on my Home Owners Policy... :shock: