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Insurance requirements for commercial accounts


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Old 02-12-2012, 03:21 PM
Virginia Virginia is offline
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Default Insurance requirements for commercial accounts

I was contacted by a national property management firm about several properties in our service area. Fantastic! Then I read the contract. The client requires $2m liability AND workman's comp...so I increased the $1m liability no problem. With fingers crossed, I asked my agent to speak directly with the client. He's been able to get commercial clients to waive the WC in the past because we're so small (< 5 full time employees). No such luck. I go into full stress mode thinking we'll lose this opportunity because of the crazy cost of workman's comp. My agent referred me to his wife, an independent agent, who works through dozens of insurance companies. This woman came through in spades. We now have workman's comp with The Hartford for $2,365 a year! At less than $200 month its not a bad investment for $3k month increased revenue. The property management company is expanding and we're their supplier for everything in our service area. The client is even happier that we offer one stop shopping with landscaping, lawn care and licensed irrigation.
Now I'm spending my time reading contracts, inspecting properties and submitting work orders for jobs above and beyond the basic contract scope. If you need liability or WC coverage, I highly recommend calling Nancy Heaton, Vice President, Anderson Insurance Partners, L. P. 512.372.8311. After a dismal winter this has been a blessing!
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Old 02-12-2012, 03:31 PM
SECTLANDSCAPING SECTLANDSCAPING is offline
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I deal with a property group that has workman's comp requirements and havent had a issue with not having it. I told them in the very beginning I do all the work and occasionally a family member or two will help.
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Old 02-12-2012, 03:41 PM
krzys666 krzys666 is offline
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Quote:
Originally Posted by Virginia View Post
I was contacted by a national property management firm about several properties in our service area. Fantastic! Then I read the contract. The client requires $2m liability AND workman's comp...so I increased the $1m liability no problem. With fingers crossed, I asked my agent to speak directly with the client. He's been able to get commercial clients to waive the WC in the past because we're so small (< 5 full time employees). No such luck. I go into full stress mode thinking we'll lose this opportunity because of the crazy cost of workman's comp. My agent referred me to his wife, an independent agent, who works through dozens of insurance companies. This woman came through in spades. We now have workman's comp with The Hartford for $2,365 a year! At less than $200 month its not a bad investment for $3k month increased revenue. The property management company is expanding and we're their supplier for everything in our service area. The client is even happier that we offer one stop shopping with landscaping, lawn care and licensed irrigation.
Now I'm spending my time reading contracts, inspecting properties and submitting work orders for jobs above and beyond the basic contract scope. If you need liability or WC coverage, I highly recommend calling Nancy Heaton, Vice President, Anderson Insurance Partners, L. P. 512.372.8311. After a dismal winter this has been a blessing!
what property management group do you use?
i am based in the suburbs of NYC
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Old 02-12-2012, 05:36 PM
dpld dpld is offline
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Quote:
Originally Posted by Virginia View Post
I was contacted by a national property management firm about several properties in our service area. Fantastic! Then I read the contract. The client requires $2m liability AND workman's comp...so I increased the $1m liability no problem. With fingers crossed, I asked my agent to speak directly with the client. He's been able to get commercial clients to waive the WC in the past because we're so small (< 5 full time employees). No such luck. I go into full stress mode thinking we'll lose this opportunity because of the crazy cost of workman's comp. My agent referred me to his wife, an independent agent, who works through dozens of insurance companies. This woman came through in spades. We now have workman's comp with The Hartford for $2,365 a year! At less than $200 month its not a bad investment for $3k month increased revenue. The property management company is expanding and we're their supplier for everything in our service area. The client is even happier that we offer one stop shopping with landscaping, lawn care and licensed irrigation.
Now I'm spending my time reading contracts, inspecting properties and submitting work orders for jobs above and beyond the basic contract scope. If you need liability or WC coverage, I highly recommend calling Nancy Heaton, Vice President, Anderson Insurance Partners, L. P. 512.372.8311. After a dismal winter this has been a blessing!
all i do is commercial properties and it all comes through management co's.
i work for several different co's but they all require top tier insurance and allthough it cost more for premiums it more then makes up for it with the income as well as it keeps the illegal businesses out of the fray.

the other benefit is i don't have to advertise like i did in the past and that alone saves me 5 to 6 thousand a year which more then pays for the added insurance.

good luck.
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Old 02-13-2012, 03:10 PM
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That is a very good point and it makes you wonder if once you get workman's comp insurance, if it is just better off for you to look for customers that require it. As was stated above, requiring for a job raises the barrier of entry and keeps illegal businesses out of the running.
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