A friend of mine is starting a runner lay business - what types of insurance should they consider?
What types of insurance should somebody with their own business consider?
Income Protection, Life, Professional Indemnity, tools & equipment, sickness & accident, form...??
Thanks.
Answers:
To cover the business, your friend should carry General Liability, Property/Equipment coverage including Business Income coverage within case a loss puts them out of business for a while, Commercial Auto coverage, Workers Compensation and an Umbrella policy.
To cover your friend personally, he/she should fetch Health insurance, Life insurance.
My recommendation would be to talk to a local independent insurance agent to find out whats available and what is beneficial to his/her company.
Good luck to your friend! Source(s): 10 + years contained by insurance
Have your friend sit down with a local independent agent and discuss adjectives available BOP options, they can tailor-fit a policy to his needs. He'll necessitate professional liability, finished product liab., workmans comp, biz equipment, etc.
I've had a carpet lay business before. You can spend more money on insurance you dont need, it's incredible.
You can't lay runner alone, you need help...any an employee or a partner in the business. It's markedly, very easy to fold you back or your knees in this business. Who is this backing going to be and how are the medical bills getting paid. Very important to know the plan here.
You will encounter a few wonderfull customers that, despite the reality that you emptied the rooms and stripped the walls.... you still managed to break a 50k dollar ming pitcher... you NEED an insurance company to deal with that crap. You don't want to agreement with it. You wont have time if your making money and it's a bunch of BS anyway, but it happen.
The truck.... It's cheaper to use your own truck, which will not have a happy time, but buying another insurance policy kills alot of profit. Next, is to lease, short term, low miles, if your urban. If your rural, forget it ... the miles will exterminate the deal. I've got wearing clothes deals buying used rent-a-vans from rental companies and insuring them under my own christen. I try to get 2 years out of a truck. It depends on the situation. I had a friend who be so busy, he found it cheaper to rent vans and give them back every month and write the undamaged thing off on the business. Remember, trucks don't finishing in this business, and basically go and get the liv'n crap beat out of them every day if your busy. If you know your going to work where on earth you have to worry roughly speaking your truck and you can't keep an eye on it.... the rules change. It depends on the situation. My best promise was a couple of used 1 ton handicap vans. 4k each, next to a lift that I converted into a fold out bench for cutting aluminum, tile, and fixing tools. I insured them myself for partially the price of commercial and they had a high top for carrying greatly of pad. The vans where really maintain .... owned by a local hospital... with all service paperwork. Both where junk when I get through with them, but they made me a ton of cash.
Tools... mat tools are cheap... no need to insure. But, I try never to take job where other installers are working. Lost a power stretcher and a couple of staple guns like that.
Last... once the hearth rug is on your truck...it's yours, until you get a check. I never leave a position without a check or my carpet. I don't know of any insurance that covers bleak carpet and still lets you breed a profit. CHECK your carpet before you go away your supplier, don't worry about insurance. I don't resembling my carpet being deliver to the job unless I'm there to inspect it... adjectives of it.
Good luck to your friend, this is a tough biz, and bad for the body. Get busy, make your money, preserve your expenses including insurance down, and get out. I don't recommend this as a long term see.......... Been there.
They should natter to a business insurance professional in their area and travel from there...this is a seriously "specialty" topic.
Carpet laying business??
Business, Work Comp,Liability.Life, Property. Casuality, Health, Business Vehicle, and an umbrella rider of 5 million to cover lawsuits, ask an atty I'm just a cook
If your friend is laying carpets he should bring major mental health insurance. Doggone sicko.
Related Questions:
Income Protection, Life, Professional Indemnity, tools & equipment, sickness & accident, form...??
Thanks.
Answers:
To cover the business, your friend should carry General Liability, Property/Equipment coverage including Business Income coverage within case a loss puts them out of business for a while, Commercial Auto coverage, Workers Compensation and an Umbrella policy.
To cover your friend personally, he/she should fetch Health insurance, Life insurance.
My recommendation would be to talk to a local independent insurance agent to find out whats available and what is beneficial to his/her company.
Good luck to your friend! Source(s): 10 + years contained by insurance
Have your friend sit down with a local independent agent and discuss adjectives available BOP options, they can tailor-fit a policy to his needs. He'll necessitate professional liability, finished product liab., workmans comp, biz equipment, etc.
I've had a carpet lay business before. You can spend more money on insurance you dont need, it's incredible.
You can't lay runner alone, you need help...any an employee or a partner in the business. It's markedly, very easy to fold you back or your knees in this business. Who is this backing going to be and how are the medical bills getting paid. Very important to know the plan here.
You will encounter a few wonderfull customers that, despite the reality that you emptied the rooms and stripped the walls.... you still managed to break a 50k dollar ming pitcher... you NEED an insurance company to deal with that crap. You don't want to agreement with it. You wont have time if your making money and it's a bunch of BS anyway, but it happen.
The truck.... It's cheaper to use your own truck, which will not have a happy time, but buying another insurance policy kills alot of profit. Next, is to lease, short term, low miles, if your urban. If your rural, forget it ... the miles will exterminate the deal. I've got wearing clothes deals buying used rent-a-vans from rental companies and insuring them under my own christen. I try to get 2 years out of a truck. It depends on the situation. I had a friend who be so busy, he found it cheaper to rent vans and give them back every month and write the undamaged thing off on the business. Remember, trucks don't finishing in this business, and basically go and get the liv'n crap beat out of them every day if your busy. If you know your going to work where on earth you have to worry roughly speaking your truck and you can't keep an eye on it.... the rules change. It depends on the situation. My best promise was a couple of used 1 ton handicap vans. 4k each, next to a lift that I converted into a fold out bench for cutting aluminum, tile, and fixing tools. I insured them myself for partially the price of commercial and they had a high top for carrying greatly of pad. The vans where really maintain .... owned by a local hospital... with all service paperwork. Both where junk when I get through with them, but they made me a ton of cash.
Tools... mat tools are cheap... no need to insure. But, I try never to take job where other installers are working. Lost a power stretcher and a couple of staple guns like that.
Last... once the hearth rug is on your truck...it's yours, until you get a check. I never leave a position without a check or my carpet. I don't know of any insurance that covers bleak carpet and still lets you breed a profit. CHECK your carpet before you go away your supplier, don't worry about insurance. I don't resembling my carpet being deliver to the job unless I'm there to inspect it... adjectives of it.
Good luck to your friend, this is a tough biz, and bad for the body. Get busy, make your money, preserve your expenses including insurance down, and get out. I don't recommend this as a long term see.......... Been there.
They should natter to a business insurance professional in their area and travel from there...this is a seriously "specialty" topic.
Carpet laying business??
Business, Work Comp,Liability.Life, Property. Casuality, Health, Business Vehicle, and an umbrella rider of 5 million to cover lawsuits, ask an atty I'm just a cook
If your friend is laying carpets he should bring major mental health insurance. Doggone sicko.
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