What does liability insurance cost for an artisan contractor?
What would the annual or monthly cost be (approx.) for liability insurance of an artisan contractor? The work is mostly commerical and home tile/grout work in kitchens and bathrooms. The business consists of just the owner/master artisan who may have 1 or 2 other people do some jobs with him. The owner is well trained and has plenty of experience. The work would be done mostly in MA and certainly within New England. Any input would be greatly appreciated.
Maybe if someone has a similar type business, they could share what their monthly or annual payments are?
Thanks!
One Response
mbrcatz
01 Nov 2009
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If you’ve never had liability insurance before, you can’t buy it ‘by the month’.
The minimum premium for this, for a one man shop, is going to be $750. Even if you cancel it after 30 days, you don’t get a refund. But with two or three guys, it will be more, I’m guessing maybe $1500.
Once you have three years of insurance history under your belt, you’ll be able to go to a standard carrier, who WOULD offer you monthly – or quarterly – installments.
Keep in mind, in MA, you’ll need to buy workers compensation for both any employees, AND, any "uninsured subcontractors". That’s right – if you call them subs, and they don’t have their own workers comp policy, YOU are still on the hook for it.