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Protection

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Protection

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  1. Insurance I. Fixed Costs A. Property Insurance B. Auto Insurance 1. If no personal vehicle obtain special endorsement “Drive Other Car Coverage” 2. $177,500 low cost on commercial

  2. Insurance C. Inland Marine 1. Schedule tools 2. Unscheduled tools D. Umbrella 1. Check bid specs for limit needed

  3. Insurance II. Variable Costs A. Liability 1. Rates are based per $1,000 payroll 2. Different codes = save money (e.g. Painting compare to Wallpaper) 3. Costs for additional insured ( e.g. Pay each time compare to Blanket Additional Insured)

  4. Insurance B. Workers Compensation 1. Rates are based per $100 payroll 2. Different codes = save money 3. Subcontractors 4. Certificate of Insurance 5. All States endorsement 6. Cost to increase coverage to 500,000/500,000/500,000

  5. Any Questions ??

  6. Bonding I. Type of Bonds A. Employee Dishonesty Bond 1. Covers if employee steals from customer 2. Low cost based on number of employees 3. Advertise you are bonded

  7. Bonding B. Construction Bond 1. Bid bond 2. Performance bond 3. Payment bond 4. Maintenance bond 5. Check length of maintenance period in bid specs

  8. Bonding II. Easy Application 1. Bonds to $250,000 maximum limit 2. Cost 3% Performance and Payment bond 3. Cost is $100 per calendar year for bid bonds

  9. Bonding III Full Application 1. Costs vary on bonds based on bond company, financials, experience with bonded jobs, type of work, years in business, and etc. 2. SBA costs is .729 + Company 1.8% 3. Review the SBA application

  10. Bonding Any Questions ??