Really appreciate all the information and insight provided on this site by the community. I am in the process of starting an exterior remodeling company with an insurance restoration focus in the Mid-Atlantic. I’ve been browsing the web for GL/WC insurance quotes but don’t have any experience in this process, nor any idea of what costs should be.
So if anyone can offer advice on the following questions, it’d be greatly appreciated:
- What are average annual premiums for these coverages? Obviously it will vary but a range is helpful
- If a majority of the work is subbed out, that should lower the premium required, right?
- Referrals of any good GL/WC companies or independent agents to provide quotes?
- Is there a recommended ratio for amount of coverage per expected annual revenue? So for expected revenue of $2 million, they encourage coverage of 1mil/2mil; for expected revenue of $10 million, 4/8 mil is recommended, etc. - anything like this?
I apologize if this has been addressed in another thread - wasn’t able to find a topic which discussed each of these.