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Insurance Umbrella


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Hi Folks,

We are going to be doing work for Imageone Industries. They are asking if we have a 5 Million dollar umbrella. Is this common? We called our business insurance provider and they said that type runs about $750 anually per million of coverage. That would be an additional $3750 worth of coverae annually to carry.

Thanks

Mike B

Big River Sign Co.

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  • !llumenati

Hi Folks,

We are going to be doing work for Imageone Industries. They are asking if we have a 5 Million dollar umbrella. Is this common? We called our business insurance provider and they said that type runs about $750 anually per million of coverage. That would be an additional $3750 worth of coverae annually to carry.

Thanks

Mike B

Big River Sign Co.

I don't know about "common", but we bid a job that required 15M, site specific.

gn

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Hi Folks,

We are going to be doing work for Imageone Industries. They are asking if we have a 5 Million dollar umbrella. Is this common? We called our business insurance provider and they said that type runs about $750 anually per million of coverage. That would be an additional $3750 worth of coverae annually to carry.

Thanks

Mike B

Big River Sign Co.

I don't know about "common", but we bid a job that required 15M, site specific.

gn

Hi Gary,

So how do you account for the additional expense? Do you add that into the bid or tack it on to the job?

Do you carry an umbrella amount.

Thanks

Mike B

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  • !llumenati

We carry a 2M liability, and an additional $5M umbrella. Those costs are overhead.

For the 15M job that we bid on - that was an additional line item - andthat was excessive for the scope of work and liability - IMHO.

gn

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Hi Folks,

We are going to be doing work for Imageone Industries. They are asking if we have a 5 Million dollar umbrella. Is this common? We called our business insurance provider and they said that type runs about $750 anually per million of coverage. That would be an additional $3750 worth of coverae annually to carry.

Thanks

Mike B

Big River Sign Co.

we have had a 5M umbrella for 3 yrs now due to that most of our repetetive customers( our big customers are banks ) and they are asking for it -and it goes into our overhead. if it is only 1 customer requesting it and you don't do enough business with them to warrant it, why would you do it unless the amount of the job makes it worthwhile

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Hi Michelle,

This is our first larger installation job. We are hoping to do more but expenses keep going up and up! I understand makeing sure your butt is covered but we do not make enough on this one job to cover the cost of a years with of umbrella coverage at roughly $3750. We may have to pass.

Thanks

Mike B

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I got a call from Samsung who wanted channel letter repair, and because they are a public company it was hard to change a policy of having 5mil for insurance. I passed on it, but I would include it into a contract, I did when I gave Samsung a bid. $5,350.00 to change out a 9/30ma :laughing1:

You have enemies? Good. That means you've stood up for something, sometime in your life. - Winston Churchill

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Hi Folks,

We are going to be doing work for Imageone Industries. They are asking if we have a 5 Million dollar umbrella. Is this common? We called our business insurance provider and they said that type runs about $750 anually per million of coverage. That would be an additional $3750 worth of coverae annually to carry.

Thanks

Mike B

Big River Sign Co.

That's outrageous for 5 mil in lia coverage I would check around and get prices from other insurance companies

Installation & Maintenance Services

Brian Phillips | expresssignandneon@sbcglobal.net | P. 812-882-3278

Express Sign & Neon | 119 S. 15th Street - Vincennes - IN 47591

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Thanks Chuuby,

I thought that was high. Any idea what I should be paying. What are some of you folks paying? Just curious.

Thanks

Mike B

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Hi Folks,

We are going to be doing work for Imageone Industries. They are asking if we have a 5 Million dollar umbrella. Is this common? We called our business insurance provider and they said that type runs about $750 anually per million of coverage. That would be an additional $3750 worth of coverae annually to carry.

Thanks

Mike B

Big River Sign Co.

That seems a little extreme, but maybe not depending on the scope of the job. Usually an additional 1 million is enough beyond your normal policy. Maybe you can get a quote for just the time period needed, then build it into the price? Not sure if this helps.

Mike K.

McGill Marketing Group

www.mcgillmarketing.com

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We originally carried 3 million, but had to boost it to 5 mil when dealing with certain suppliers & customers. There's a difference between general liability and umbrella insurance and you probably have to have both.

Since we're in Canada and have to carry an international policy, it's even more expensive. It doesn't help you (or us, or anyone) that the US is the most litigious place on the planet, but I would think if you plan to be doing work for larger clients, it will be par for the course and a few grand will have to be absorbed into your overhead. We get asked for proof of this insurance at least once a month, as it's often not the customer demanding the coverage (sign shop or contractor), but the end client and more than likely - their insurance company.

They want to know that if your sign is faulty and burns down a building or kills someone, there's something to come after.

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We tell our customers that ask for more insurance than we carry that for the scope of work we do, our insurance is more than adequate. If they insist on more, they have to pay the cost of the additional premium. We've had one customer do that. Most say never mind, our insurance is fine. (2M umbrella)

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We tell our customers that ask for more insurance than we carry that for the scope of work we do, our insurance is more than adequate. If they insist on more, they have to pay the cost of the additional premium. We've had one customer do that. Most say never mind, our insurance is fine. (2M umbrella)

+1

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