# Help! 5 Million in General Liability insurance.



## Ben of Hyde (Jan 3, 2010)

I just had a prospect tell me her buildings require contractors to carry a 5 million per occurrence general liability policy ... all I got now Is a 3 Million aggregate which has gotten me by for the last year or so, I used to carry 3 Million per occurrence but I hadn't been asked for that much anymore.

I just don't have enough clients asking for that level of coverage for me to spread over several projects and still remain cutthroat ...err I mean competitive.

and theirs no way of knowing if their will be work coming from her or whether I'll even be awarded them if they do.

Would it be reasonable to ask her to let me bid on a worth while job and if I'm awarded the project, I will then take the hit and up my policy... or does this all sound to tricky to ask? 

:sad:


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## Ben of Hyde (Jan 3, 2010)

Btw ... it's about a $4k a year cost increase to up my current policy to a 5 Mil.


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## carp.780 (Jan 2, 2010)

I think you could agree to make it a clause in your contract if you are awarded the job. With the economy the way it is, it's very understandable to most people that you'd want to keep your overhead down.


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## BreyerConstruct (May 22, 2006)

Ditto the clause thought-
also, you could list it as a line item on the proposal. $XX.00 for the job, but $XX.00 + $4k with extra insurance...

~Matt


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## rwa (May 6, 2009)

before you get a surprise ... I'm assuming your customer is a commercial or multi-family owner and more than likely has properties over 3 stories ... that'll add $$$$ to that 4 grand .... I carry 5mil and I think the difference was closer to 7 grand


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## Will1875 (Mar 16, 2021)

Ben of Hyde said:


> I just had a prospect tell me her buildings require contractors to carry a 5 million per occurrence general liability policy ... all I got now Is a 3 Million aggregate which has gotten me by for the last year or so, I used to carry 3 Million per occurrence but I hadn't been asked for that much anymore.
> 
> I just don't have enough clients asking for that level of coverage for me to spread over several projects and still remain cutthroat ...err I mean competitive.
> 
> ...


Can someone refer my to a company that will do a 5 million umbrella policy. My current insurance carrier will not go that high.


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## Half-fast Eddie (Aug 21, 2020)

BreyerConstruct said:


> Ditto the clause thought-
> also, you could list it as a line item on the proposal. $XX.00 for the job, but $XX.00 + $4k with extra insurance...
> 
> ~Matt


Agree. We receive proposals from contractors with line items for optional bonding costs, it’s our choice and our expense to accept it.


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## Windycity (Oct 3, 2015)

Will1875 said:


> Can someone refer my to a company that will do a 5 million umbrella policy. My current insurance carrier will not go that high.


Yes depending on the size of your company and gross sales you might struggle to find an insurance company that would sell you a policy that high 

We had the same problem years ago when a company/customer that we were bidding work for required a large policy like that 

We wound up turning down the job 


David


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## We Fix Houses (Aug 15, 2007)

Will1875 said:


> Can someone refer my to a company that will do a 5 million umbrella policy. My current insurance carrier will not go that high.


Get a local insurance broker --- not a captive agent.


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## TxElectrician (May 21, 2008)

11 year old thread. 

Sent from my LG-LS993 using Tapatalk


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