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A Question on Insurance?

A Question on Insurance? Topic: Small businesses case study
June 15, 2019 / By Allistir
Question: I am making a pretend company as part of a business studies class, and i need to find out how much it would cost to insure a small window cleaning business against 3rd party. Does anyone have a vague idea, and please dont recommend any sites because i have tried most of them and they require extensive phone calls which undoubltably will cost money. /~ thanks
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Best Answers: A Question on Insurance?

Tera Tera | 8 days ago
Well, the calls don't cost money, but you can't buy business insurance over the internet. It's basically going to depend on how high up you go, to clean windows on the outside, and if you have scaffolding & equipment. So, for the sake of your project, we're going to say you go no more than two stories up, on residentail and commercial buildings. That way, you can just use poles, no scaffolding or employees going off the ground. In which case, general liability coverage is going to run you around $1500 a year, assuming your gross revenues (sales ) are under $75,000 a year. Then, your workers compensation coverage is going to run you about 15% of your payroll, if you hire anyone.
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Tera Originally Answered: A Question on Insurance?
Well, the calls don't cost money, but you can't buy business insurance over the internet. It's basically going to depend on how high up you go, to clean windows on the outside, and if you have scaffolding & equipment. So, for the sake of your project, we're going to say you go no more than two stories up, on residentail and commercial buildings. That way, you can just use poles, no scaffolding or employees going off the ground. In which case, general liability coverage is going to run you around $1500 a year, assuming your gross revenues (sales ) are under $75,000 a year. Then, your workers compensation coverage is going to run you about 15% of your payroll, if you hire anyone.
Tera Originally Answered: A Question on Insurance?
That type of business depending on where it is located would require a "general liability policy" of at least $1 million in coverage. The annual premium for such a policy can range anywhere between $500 - $1000. If there were employees in this business you would also need workers comp insurance and the premium for that coverage would be based on payroll. If the payroll were $100k a year the workers comp could run anywhere between $4000 - $6000 a year. Again all of this would be based on where the business was located, the annual payroll, if the business was incorporated or LLC. Many, many factors are involved but you did ask for a "vague" idea so I just generalized for you, I hope this helps.

Ronnette Ronnette
That type of business depending on where it is located would require a "general liability policy" of at least $1 million in coverage. The annual premium for such a policy can range anywhere between $500 - $1000. If there were employees in this business you would also need workers comp insurance and the premium for that coverage would be based on payroll. If the payroll were $100k a year the workers comp could run anywhere between $4000 - $6000 a year. Again all of this would be based on where the business was located, the annual payroll, if the business was incorporated or LLC. Many, many factors are involved but you did ask for a "vague" idea so I just generalized for you, I hope this helps.
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Ronnette Originally Answered: Urgent question regarding Cobra insurance.?
You need to talk to CTG. If you had insurance the last day you worked, AND CTG has at least 20 employees on the group plan, you are eligible for COBRA, and they need to send you the appropriate paperwork. You will have to call CTG to ask for the paperwork. You'll fill it out, send it in with money, and it will retroactively cover you with no lapse - but might take six weeks to process. Even if they don't have 20 employees, depending on what state you live in, you might be eligible for "mini cobra" benefits. But it's not going to get fixed in the next couple of hours. Not enough time. If you DO get it fixed, it will be retroactive and this will be covered.
Ronnette Originally Answered: Urgent question regarding Cobra insurance.?
~~Call CTG's human resource department. If they employed more than 20 people the have to offer Cobra benefits. Some companies will take up to three months to get them out to you. Call today and tell them you need to be signed up right away. Stay on them and you will receive your cobra package. Complete it and send it right in. They will back date so you will not have a gp in coverage, but you definitely need to hurry them up.~~

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