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How often are each of these insurances paid?
And how much might they cost for a 3 person partnership in a landscape architecture firm with around 10 employees making $ 100,000 – $ 500,000 a year?

Thank you for any insight you can offer!

-General Liability Insurance
-Commercial Auto Insurance
-Commercial Property Insurance
-Professional Liability (E&O) Insurance
-Commercial Crime Insurance

-Group Health Insurance
-Group Life Insurance
-Group Disability Insurance
-401K/Retirement Plans
-Key Man Life Insurance
-Key Man Disability Insurance

2 Thoughts on Professional insurance- E&O etc?
  1. Reply
    January 29, 2013 at 12:00 am

    Once upon a time, you could buy a 3 year E&O policy for some low-hazard professions, but I don’t know of any company offering that any more – you have to buy it one year at a time.

    Regarding getting those quotes, you don’t give anywhere NEAR enough information, for even a ballpark.

  2. Reply
    January 29, 2013 at 12:25 am

    Sounds like you need to talk to an independent agent and obtain some quotes for your business.

    How often are these claims paid? This question is WAY to ‘in general to answer’. You can be in business for 30 years and never have a claim or maybe you have 5 claims in your first year. If we could foresee when and where losses will arise do you think we would need insurance? : )

    -General Liability Insurance – in general for $ 1/$ 2mm limits you are looking at somewhere around $ 1,500 to $ 2,000 give or take $ 500 depending on what insurance products are available in your region.
    -Commercial Auto Insurance – will vary on how many vehicles, liability or full coverage, driving history of your drivers and limits of liability. Plan on something around $ 2,000 a year per vehicle
    -Commercial Property Insurance – depends how much ‘property’ you want covered? Do you have $ 5,000 worth of tools and equipment or $ 500,000? Do you own your office or lease it? Do you want a $ 500 deductible or $ 5,000. Way too many variables to determine a ballpark
    -Professional Liability (E&O) Insurance – usually ranges from $ 2,500 to $ 5,000 a year but you can possibly find specialty carriers offering more competitively priced coverage for specific industries. For example is there a local association that caters to landscape contractors in your area or city? For example in Arizona we have ALCA which is the Arizona Landscape Contractors Association. Many times these groups will set up preferred association rates through an endorsed agent that offer better pricing for being a member.
    -Commercial Crime Insurance – this is usually something that can be included in the property insurance for a minimal cost (if any). For example some carriers offer Employee Dishonesty or Crime with a $ 25,000 sub limit built into their policy form.

    I am in no way involved in the other areas of insurance you mentioned so I cannot offer any help there. My best advise to contact and independent agency and obtain multiple quotes. Companies like Farmers & State Farm (direct writers) only offer advise on their products/services whereas an independent agent will offer advice on a variety or different companies and coverage.

    Hope this helps and good luck

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