shawn_berry09

hi!
im new here, im looking for advices on where to find good insurance for my business, i came into [url removed] has anyone tried online insurance? how effective is the online quote system? can i depend my money on these? I'm hoping I can get opinions from everybody here about which ones to avoid and which ones you have had a good experience with.
Anyone please. I want an affordable insurance yet reliable...

Katey

Hi there,

Never buy insurance from an online entity. Unless they have official offices and ones that you can visit and have appointments, they are 99.9% of the to time bound to be a scam. Trust me on this one! Check that they aren't phony and then ask for every little detail you get for them in writing (through the post). The reason why you want everything in writing is because writing is legally binding in the court of law, and therefore if you do get scammed - you can still have a chance of getting your cash back .


Regards,
Kieran Taylor.

jumpenjuhosaphat

What kind of insurance are you talking about? There is liability insurance, which covers you in case your company makes a mistake and causes damage to your clients property. Then there is compensation insurance, which will cover your employees if an accident happenes that causes them to go into early retirement. There are also health insurances, medical, dental, vision. Also, if your business makes use of company vehicles, there is automobile insurance. There is property insurance if you own or rent office space which covers any damages to your business' belongings.

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Katey

Hi there,

Or why not just get a proper insurance that covers all of them, getting more than one type of insurance makes complications, for my businesses I always use an insurance that covers me for anything and everything for up to £20,000,000, for as little as £300+ a week.

Proper insurance companies cover all aspects of safety for people and property.


Regards,
Kieran Taylor.

jumpenjuhosaphat

That's hard to find in the US. Here you have all sorts of red tape to cut through, not to mention, some of the types of insurance are State regulated and some are Federally regulated, which makes it hard for one agency to offer everything. Compensation insurance is State regulated(and required), and must be purchased from an agent that is certified to sell compensation insurarance. Liability insurance isn't a requirement, so it's easier to find. I used to pay $400.00 USD per year for $2,000,000 coverage, 2 occurances(that means they will only pay out on 2 claims in one year). Copensation runs, for the trade I was in(construction) at about 18% of the workers gross income. I had 12 employees at one time, and a payroll of about $7,000 per week, so I was paying on that over $1,000 per week. Needless to say, I went broke pretty quick, and wound up getting rid of all but 2 employees. I didn't offer any benefits, but health insurance for a decent HMO would run about $150.00 per month for each employee. Personal/Business property insurance wasn't required, because I only had a truck, which was insured personally, and tools, which I prayed didn't get stolen. I went through State Farm for my liability, because they were alot cheaper, and through Farmers for compensation, because State farm didn't offer workers comp.

It would have been nice to just pay out a flat rate for everything, be even nicer if they could throw taxes into that flat rate. I would have been more willing to try to continue on with 12 employees if it had been simpler. I agree, it is very complicated, and the US doesn't regulate their insurance copanies nearly well enough, as they should.

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Katey

Hi there,

Well if that's the case I feel sorry for the you U.S.A. residents as that is just extortion. Here in the UK we can usually claim as many times as we wish, although we have to pay excesses and protect our claims bonuses, although $400 dollars a year doesn't sound trust worthy to me, that's like £250 to us, but for a year that is bad. Remember if it sounds too good it usually is. I'd rather pay out £300+ a week and know that I'm covered for £20,000,000 of damage.

A lot of people can get a way with not paying as the lawyers can always find a flaw in the law to get your money back, if you need help I suggest that you get a P.A. (personal accountant) like I have as they handle all of your financial work for you, and all you have to do is stand back and run your business as you wish.


Regards,
Kieran Taylor.

compuXP

Hate to interrupt this insurance conversation... but this is cleverly-disguised SPAM.

Thread locked, but not moved because there ARE some useful bits of info here

Cheers,
-Matt

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