Hello all,
I'm looking for some help. I'm 30 days out from opening up a surveying business in Texas and I am in the process of getting quotes for E&O insurance. Anybody have ballpark figures of how much I would be paying in premiums? I am concentrating on title surveys. No constructions or oil field surveying. I have an awesome marketing team ready to go and they can bring me 300 surveys a month. Does the insurance go quote by how many jobs you complete per month/year?
I would also like some recommendations on what software to use for customer relations management ex: accounts payable/receivable, invoicing, payroll, etc. I've been looking at the Pimarc software and would like to know if anyone is using this software and can provide some input. If you use other software I would also like your input.
Where will you be located?
Your liability will basically be limited by the amount of your fee and the damages that may occur by your causing someone to build on the wrong property.
It will be determined by the amount of you yearly billings.
check out www.insuranceforsurveyors.com
BTW, when you don't make any mistakes there is no need for insurance.
300 surveys a month. Good luck with that. I have no interest in 30 a month. More headaches than net profits.
300 surveys a month? 10 surveys a day? Have you got 10 field parties? I'm lucky to get one survey finished in a day.
I went out on my own about 2 years ago I haven't finished 300 survey yet. Check out the NSPS insurance program.
Exactly. I'd be lucky to finish one in a day and would probably do 3 surveys a week.
i would think if you did 300 per month you'd need some pretty insane insurance
I would imagine he has to mean the opportunity to bid on 300 surveys a month and pick and choose which he will go after from there.
A Harris, post: 370996, member: 81 wrote: BTW, when you don't make any mistakes there is no need for insurance.
There's no accounting for what some lawyer will think a mistake is, even if they're way off base you still need to defend yourself. Insurance is a must especially considering Table A Item 20 could be checked on any or all of those title surveys he's planning on doing.
For me $1M E&O plus General Liability is approx. $5k/year. Don't forget your workers comp and unemployment if you're going to have any employees. May the force be with you, it's a brave new world once you make the leap!
when you don't make any mistakes there is no need for insurance.
Ah, spoken by someone was never sued (or in jest). I was in a "shotgun" law suit and ended up being dismissed from the case (not my fault, didin't make a mistake) 10 attorney's involved, 2 years. Cost the insurance company $37,000 - me nothing.
I'd never work without insurance....as others have said, you don't need to make a mistake to get sued...
I'm hoping to make three hundred commas per day,,, with hammer and chisel it is slow going.
You always need insurance. Don't work without. One job can cost you a lot, even if you don't make the mistake. You will be the professional on the job and they will come after you first. You'll need the insurance to cover court cost to prove that you weren't negligent, wrong, or even associated with the error.
The more money you make, the more your insurance will cost. Contact 3 insurance companies and get three quotes, but give them all the same numbers (expected earnings). Get an umbrella policy as well.
