I was thinking about starting a business, but realized it might need some sort of liablity or whatever insurance to be run. Mostly for people hurting themselves on your property or using your equipment.
Anyone deal in this or know about it?
What are the premiums like? Is it anything like home owners insurance?

btt

It is impossible to answer your questions with such limited information. NO ONE can tell you.

The cost of the insurance will depend on MANY factors.

1. What type of business is it?

2. What is the potential exposure?

3. Any employees? If so, how many?

4. How dangerous is the work, service or whatever you will provide?

I am a small business owner and deal with insurance companies all the time. My policy is renewed every year and with different underwriters you get different questions. There are many, many more questions that need to be asked and answered before you will even get a ballpark answer.


ETA: Market conditions also have a LOT to do with setting insurance premiums. Depending on the type of business, location and market conditions your premiums will vary from year to year even.

I have paid anywhere from $70,000 to $110,000 a year for the same type and kind of business even with the same amout of volume and employees.

Your best bet is to contact an independant insurance company and sit down with an agent and have them prepare a quote based on all the info. they will need from you.

I didn't know where to start. Is it the same type of insurace people you go to for cars and homes, or are there special agents for this.

I hope the ball park doesn't start in the 70k range or this is out already.
Thanks for the info so far.

Quoted: I didn't know where to start. Is it the same type of insurace people you go to for cars and homes, or are there special agents for this. I hope the ball park doesn't start in the 70k range or this is out already. Thanks for the info so far.

Get out your local yellow pages or better yet, ask around friends and family and ask who they use.

Call and ask, there is not much more than that to it. However, be prepared to be able to fully explain what, when and how otherwise you will not give them enough info to give you a better quote. Be prepared also that they will want a personal financial statement, etc. more than likely. A good business plan will also help.

The 70K range is just from MY experience/business. It will vary and your number probably will not even be close to that. I own a construction company with many employess, equipment, etc. My exposure is pretty good compared say to a lawn mowing business. It is all apples and oranges.

I see. That makes a difference. Thanks.