Home Improvement Contractor - Licensed Contractors
How much would it cost for 3-5 million dollars General Liability Insurance?
I work in various chemical plants and refineries repairing/maintaning/calibrating the laborotory instruments in these places. I'm currently working as a sub-contractor through another company but that is about to change, as my business partner and I are breaking away from them to start our own business. Most of these plants require between 3-5 million in liability coverage to my knowlege. I need a ballpark figure of what that kind of coverage costs in the Louisiana/Gulf coast region. Last year we did $150,000 in sales between 3 people and the revenue has been growing substantially each year (~20% or so). Thanks in advance for your answer.
Public Comments
- I'm looking for a carrier for you now, I'll edit this message when I find someone. Your limited to very few companies because of the high risk associated with chemicals and the fact that it is a new (less than a year) business venture. Things that will help your case will be: if you are never closer than 300ft. to any dangerous/ flammable chemicals, have a proven record in the industry with no prior claims, and have no exposure to catastrophic events. If you can't, you can still find insurance. Just brace yourself for the premium, it's gonna be nasty.
- You're not going to GET a ball park on the internet, that works. I'm assuming that these chemical plants and refineries are in the oil & gas industry - making them VERY high risk, and making YOU very high risk, too - if you mess up, the company will PROBABLY be paying out the whole $5mm in a fire damage claim. So, you need general liability. With those gross sales, I'd expect it to be between $5,000 and $25,000 the first year. But I'd ALSO expect you're going to need professional liability - which will probably run you another $20,000 for $1,000,000 of coverage.
- check there
