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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 Insurance C. Inland Marine

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Insurance l.jpg
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


Insurance2 l.jpg
Insurance

C. Inland Marine

1. Schedule tools

2. Unscheduled tools

D. Umbrella

1. Check bid specs for limit needed


Insurance3 l.jpg
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)


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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



Bonding l.jpg
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


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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


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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


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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


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Bonding

Any Questions ??


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