Say you have a survey firm that bills out roughly $50,000 per year. Obviously, not a big business, but, operated by a very knowledgeable licensed individual. Roughly how much would it cost for that firm to have a $2 million insurance policy based on your actual experience.
'bout 2K w/ Victor O. Schinnerer. Premiums can be reduced by negotiating the 'deductible', meaning how much are you willing to spend on attorney's fees before you carrier picks it up? Mine is $7K.
> Say you have a survey firm that bills out roughly $50,000 per year. Obviously, not a big business, but, operated by a very knowledgeable licensed individual. Roughly how much would it cost for that firm to have a $2 million insurance policy based on your actual experience.
I'm not trying to be flippant here, but while the price of the policy might be $2,000, it should cost the firm $0
Since it's a recurring operating expense, it's should be accounted for in the firms pricing structure.
I would guesstimate it to be around $1000.
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OK, Sounds like 4% of Gross
So, if a company does $250 million per year, do they spend $10 million each year for a $2 million policy?
OK, Sounds like 4% of Gross
$250 million dollar companies usually self-insure. ie/ a company that big can afford to pay the claims.
Mine's not that high
Our company's generally is in the 1% - 2% range.
Mine's not that high
I'd estimate about $2,000. It is probably going to be the minimum amount because of the paperwork as opposed to a percentage in this case since the volume is so small. Since it is a minimum, I'd suggest that you try to get your coverage limits as high as possible and your deductible as low as possible. Even with these added benefits it might still be near the minimum.
A serious claim can result out of a tiny error. Imagine the think Kent was talking about recently where people had used a pipe instead of the original monument hidden about 16 feet away. Your side would be arguing common report or common usage, and the other side would be arguing for the original monument. And if the title to a 20-story building became at risk, even if you win the cost of defense would be huge and could exceed $1 million.