My liability insurance keeps going up, and I'm classified as an "Electrical Apparatus Installer and Service Providor". That doesn't seem quite right to me. What are you guys classified as, what are you paying, and who is your carrier?
Insurance Classification For Your Business
- Thread starter Silas Pradetto
- Start date
Re: Insurance Classification For Your Business
That's one of the problems with insurance.They try to fit you into a neat little box.My previous insurer had my equipment listed under miscelanious tools.I made them send me a letter on their letterhead stating that in my case,tools meant sound equipment.My current insurance provider is Erie.I pay around $2,100.00 a year for $1,000,000 in liability.The fee also includes my truck insurance and coverage for my equipment.It did go up about 5% this year.
That's one of the problems with insurance.They try to fit you into a neat little box.My previous insurer had my equipment listed under miscelanious tools.I made them send me a letter on their letterhead stating that in my case,tools meant sound equipment.My current insurance provider is Erie.I pay around $2,100.00 a year for $1,000,000 in liability.The fee also includes my truck insurance and coverage for my equipment.It did go up about 5% this year.
Re: Insurance Classification For Your Business
Chubb has historically had the most underwriting flexibility. I don't know, however, whether that would translate into lower premiums for you or not.
Chubb has historically had the most underwriting flexibility. I don't know, however, whether that would translate into lower premiums for you or not.
Re: Insurance Classification For Your Business
I just do this as a hobby, but I still need to cover my derriere. Travelers. $1m. $500/year.
I should add that the truck is covered under a separate commercial policy and the policy for sound is liability only.
I just do this as a hobby, but I still need to cover my derriere. Travelers. $1m. $500/year.
I should add that the truck is covered under a separate commercial policy and the policy for sound is liability only.
I have State Farm and am now classified as electronics installer. Liability (1mil) and inland marine (gear coverage of $100k) is about $1200/yr. My premium just doubled because they had me misclassified before.
Re: Insurance Classification For Your Business
I just pulled up my general liability policy. It says "Lighting, Audio, Sound Installation." Just an FYI there was an across the board rate increase last month with many companies. Also rates are vastly different from company to company. I had quotes ranging from $550-$2200 for the 2 million I carry. I always explained exactly what I do and in some cases don't do to each agent. You really have to shop around.
I just pulled up my general liability policy. It says "Lighting, Audio, Sound Installation." Just an FYI there was an across the board rate increase last month with many companies. Also rates are vastly different from company to company. I had quotes ranging from $550-$2200 for the 2 million I carry. I always explained exactly what I do and in some cases don't do to each agent. You really have to shop around.
Re: Insurance Classification For Your Business
I see this thread has been dormant for a few months, but it is filled with helpful information and it is the most relevant thread I could find to address my concerns, so I figured this was a good place. I am pricing insurance right now (General liability up to 1 million per occurrence). Having dealt with insurance in various forms all my life with mixed results, I can't help but wonder how this kind of specialty coverage works out in most real world situations for small companies. I'm talking about situations where someone attempts to recover damages from the sound company. I read about the big sound companies that have been sued because that usually makes the news. Does anyone here have personal experience dealing with a liability claim? What about equipment insurance (I have that but have never filed a claim)? What is the process like and how did it turn out for you? Suggestions on how to get the best deal, updates, advice... Thank you in advance!
EDIT: I have an event coming that will require liability insurance. Most of the events I end up working are small, but more and more I am seeing the need for insurance. Is there a one off insurance solution or rider that can be scaled to fit each event or is an annual policy the only option? Most events are under 1,000 but some up to 10,000 or more.
I see this thread has been dormant for a few months, but it is filled with helpful information and it is the most relevant thread I could find to address my concerns, so I figured this was a good place. I am pricing insurance right now (General liability up to 1 million per occurrence). Having dealt with insurance in various forms all my life with mixed results, I can't help but wonder how this kind of specialty coverage works out in most real world situations for small companies. I'm talking about situations where someone attempts to recover damages from the sound company. I read about the big sound companies that have been sued because that usually makes the news. Does anyone here have personal experience dealing with a liability claim? What about equipment insurance (I have that but have never filed a claim)? What is the process like and how did it turn out for you? Suggestions on how to get the best deal, updates, advice... Thank you in advance!
EDIT: I have an event coming that will require liability insurance. Most of the events I end up working are small, but more and more I am seeing the need for insurance. Is there a one off insurance solution or rider that can be scaled to fit each event or is an annual policy the only option? Most events are under 1,000 but some up to 10,000 or more.
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Re: Insurance Classification For Your Business
You are really going to have to shop around a lot to get the best deal. The exposure we have is anything involving electricity (shock, fire, etc.) and the possibility of something heavy falling or rolling over something or someone. Be sure to explain to the agent exactly what you do and don't do. For example I am not allowed to fly anything. If I do it has to be done by a professional rigger who carries his own insurance. Also I am not allowed to tie in power, that has to be done by an electrician in those cases. They can hand me the camlocks but I can not go into the box. Things like that are relevant.
You are really going to have to shop around a lot to get the best deal. The exposure we have is anything involving electricity (shock, fire, etc.) and the possibility of something heavy falling or rolling over something or someone. Be sure to explain to the agent exactly what you do and don't do. For example I am not allowed to fly anything. If I do it has to be done by a professional rigger who carries his own insurance. Also I am not allowed to tie in power, that has to be done by an electrician in those cases. They can hand me the camlocks but I can not go into the box. Things like that are relevant.
Re: Insurance Classification For Your Business
The policy I got is $1 million per incident, 2 million aggregate with the relevant riders added to cover the things my company is exposed to most regularly and with the most associated risk (with an eye toward constant expansion and elevation). It seems to be a perfect fit for us and at $650 the rate cannot be beaten by anyone I have found. After this last weekend I understand fully why insurance is a must on any high profile or large scale event. I got a lead on a great agent who is a fellow musician from a friend and fellow sound provider/musician who has been at this for years and hooked me up. As long as I remain a competent, responsible and reliable individual and my company is not associated with bad practices, violations of relevant laws or codes and there are no reported accidents on site why would my rate go up every single year OP?
The policy I got is $1 million per incident, 2 million aggregate with the relevant riders added to cover the things my company is exposed to most regularly and with the most associated risk (with an eye toward constant expansion and elevation). It seems to be a perfect fit for us and at $650 the rate cannot be beaten by anyone I have found. After this last weekend I understand fully why insurance is a must on any high profile or large scale event. I got a lead on a great agent who is a fellow musician from a friend and fellow sound provider/musician who has been at this for years and hooked me up. As long as I remain a competent, responsible and reliable individual and my company is not associated with bad practices, violations of relevant laws or codes and there are no reported accidents on site why would my rate go up every single year OP?
Re: Insurance Classification For Your Business
Insurance is a pool. When other losses come to bare the pool is depleted. The risk must be assumed by more insureds or premiums must rise.
Insurance is a pool. When other losses come to bare the pool is depleted. The risk must be assumed by more insureds or premiums must rise.
Re: Insurance Classification For Your Business
That sounds like a good policy and a good rate. As long as your exposure is covered and the limits are enough to satisfy your clients requiring insurance then I would say it will be fine. As Tim mentioned the rates fluctuate based on the pool. This year was the first increase I ever had in over 10 years and it was across the board and included my auto and home rates as well.
That sounds like a good policy and a good rate. As long as your exposure is covered and the limits are enough to satisfy your clients requiring insurance then I would say it will be fine. As Tim mentioned the rates fluctuate based on the pool. This year was the first increase I ever had in over 10 years and it was across the board and included my auto and home rates as well.
Re: Insurance Classification For Your Business
Good to know. I appreciate your willingness to share the knowledge you have gained over the years.
Good to know. I appreciate your willingness to share the knowledge you have gained over the years.