General liability questions

Good afternoon guys. I know this question has been asked before but I am looking to get specific with it. I started a roofing company as a side business in Oklahoma, nothing more.

However, I am having trouble finding a reasonable company to use for my g.l. policy. I will be a sole proprietor with little to no overhead. I will use a sub-contractor who carries his own general liability and workman’s comp. I also will be performing some commercial but that wouldn’t be anytime soon. Some of the bids I am getting are all around 3,8000 annually for $1,000,000.00 in coverage for only 60k in sales. I find this ridiculous for such a low number of sales and that 60k was being generous in my opinion. Does anyone have any thoughts? The last thing I want to do is do business with a less than reputable insurance provider

That’s 6.33% of gross sales. That is expensive. You have no experience modifier to go on since your new to the industry (as your own business).

How quick will you get over $60K in gros sales as that figure seems low?

Yep. You have no history. That quote is probably based on you telling them you are doing this as a side job. Find a Risk Retention policy. you will be a shareholder in the coverage. That should help your rate.

Does anyone have any experience doing business with roofing contractors insurance group?

never heard of such.

elaborate.

That might be one of those State Formed groups that is designed to make the insurance more affordable.

Did you ever find a reasonable Insurance provider or policy? I’m in a similar position here in Oklahoma and cannot find reasonable rates anywhere. Thanks

That’s a year old, you’re not likely to get a response. Maybe.

The rates are high. Roofing is one of the higher risk trades.

Thanks

Tyler Scott