Cost of Commercial General Liability Insurance and others for Employers?
Hi,
I work in IT for a small company (75 employees). I often stir to my client's places on projects. I was wondering, how much do the following cost for an employer. Is it dependednt on the number of employees, or the number of hrs respectively employee works etc?
I would like costs for the following...
Liability - $1,000,000
Commercial General Liability-$5,000,000
Automobile Ability -$1,000,000
Thanks.
Answers:
You sir, need an Insurance Agent. Be prepared to answer lots of questions and produce some production numbers. The quoting process will pocket a week or two.
If you're in Ohio drop me a note and I'll refer you to someone experienced.
** Follow up - I've never hear of such. Is he including workers comp in there? I'm guessing you're a 1099 hand? If you're W-2 I think you're getting hosed. If you're 1099 then you could see more or less covering your own GL costs. If you're W-2 then your employer should be covering this for you (part of paying less $$ for W-2). Either process, $4000 year/employee is steep. Source(s): http://www.insuranceyak.com/
It can be base on employees, but it can be based on other things too, approaching sales or receipts. Source(s): Insurance Agent for 15 years
What your employer is doing is dubious!
He is NOT an insurance broker. He can not 'collect premium' from parties that have no interest surrounded by the policy!
If he, as the employer, takes out coverage.......HE is the one who is supposed to pay it.
Wow - I'm surprised not a soul have ever reported him!
Usually, you hear of manufacturers ratification on increased insurance premiums to their CONSUMERS....NOT their employees.
Call your department of insurance. Call the State Fraud Examiners. Call someone.
That is just
so
wrong! Source(s): Insurance professional 10+ years
youu need to discuss this contained by detail with an independent agent
alot of variables here to deal next to
Well, the only piece based on the EMPLOYEE, is workers compensation. The liability is based on gross sale, for your type of business. It can also be based on payroll, square footage, or something else, but for consulting companies, it's based on gross receipts (sales). Liability IS commercial nonspecific liability, I'm guessing the $5M one is actually umbrella coverage.
The auto policy is based on the number of autos! And the types, etc. The solely part rated by member of staff, is the non-owned & hired part, and it's dirt cheap - for 75 employees, it MIGHT be $300 a year. Does he provide you next to a car? A private passenger type car is probably going to run between $900 and $2000 per saloon, per year, depending on coverages and location, if there are at least 5 cars.
The liability, capably, there's no way to guess what his gross sales are, I don`t know it's $25,000 a year. Plus $10,000 for the umbrella.
I've never HEARD of an employer charging an EMPLOYEE for insurance. They can charge a subcontractor, but they can't sell insurance themselves - and you should have something contained by WRITING from them, exactly where YOUR money is being spent. Tell them you requirement it to write it off on your income taxes. Source(s): agen1, 21+ years
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I work in IT for a small company (75 employees). I often stir to my client's places on projects. I was wondering, how much do the following cost for an employer. Is it dependednt on the number of employees, or the number of hrs respectively employee works etc?
I would like costs for the following...
Liability - $1,000,000
Commercial General Liability-$5,000,000
Automobile Ability -$1,000,000
Thanks.
Answers:
You sir, need an Insurance Agent. Be prepared to answer lots of questions and produce some production numbers. The quoting process will pocket a week or two.
If you're in Ohio drop me a note and I'll refer you to someone experienced.
** Follow up - I've never hear of such. Is he including workers comp in there? I'm guessing you're a 1099 hand? If you're W-2 I think you're getting hosed. If you're 1099 then you could see more or less covering your own GL costs. If you're W-2 then your employer should be covering this for you (part of paying less $$ for W-2). Either process, $4000 year/employee is steep. Source(s): http://www.insuranceyak.com/
It can be base on employees, but it can be based on other things too, approaching sales or receipts. Source(s): Insurance Agent for 15 years
What your employer is doing is dubious!
He is NOT an insurance broker. He can not 'collect premium' from parties that have no interest surrounded by the policy!
If he, as the employer, takes out coverage.......HE is the one who is supposed to pay it.
Wow - I'm surprised not a soul have ever reported him!
Usually, you hear of manufacturers ratification on increased insurance premiums to their CONSUMERS....NOT their employees.
Call your department of insurance. Call the State Fraud Examiners. Call someone.
That is just
so
wrong! Source(s): Insurance professional 10+ years
youu need to discuss this contained by detail with an independent agent
alot of variables here to deal next to
Well, the only piece based on the EMPLOYEE, is workers compensation. The liability is based on gross sale, for your type of business. It can also be based on payroll, square footage, or something else, but for consulting companies, it's based on gross receipts (sales). Liability IS commercial nonspecific liability, I'm guessing the $5M one is actually umbrella coverage.
The auto policy is based on the number of autos! And the types, etc. The solely part rated by member of staff, is the non-owned & hired part, and it's dirt cheap - for 75 employees, it MIGHT be $300 a year. Does he provide you next to a car? A private passenger type car is probably going to run between $900 and $2000 per saloon, per year, depending on coverages and location, if there are at least 5 cars.
The liability, capably, there's no way to guess what his gross sales are, I don`t know it's $25,000 a year. Plus $10,000 for the umbrella.
I've never HEARD of an employer charging an EMPLOYEE for insurance. They can charge a subcontractor, but they can't sell insurance themselves - and you should have something contained by WRITING from them, exactly where YOUR money is being spent. Tell them you requirement it to write it off on your income taxes. Source(s): agen1, 21+ years
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