Small Business Liability Insurance

Business Insurance Types
Business lunches are lawyer’s recipe for learning, networking
For most professionals, the lunch hour signals a break from the day. But for Bill Dudley, lunch is time to gain valuable business insights that benefit his clients. Dudley, a business lawyer with Landerholm, Memovich, Lansverk & Whitesides in Vancouver, can be spotted at various eateries around town every day with a different business person. Accountants, bankers, business advisers, reporters …
A Review of the Types of Business Insurance Policies

A friend of mine is starting a carpet laying business – what types of insurance should they consider?

What types of insurance should somebody with their own business consider?
Income Protection, Life, Professional Indemnity, tools & equipment, sickness & accident, health…??

I’ve had a carpet laying business before. You can spend more money on insurance you dont need, it’s incredible.

You can’t lay carpet alone, you need help…either an employee or a partner in the business. It’s very, very easy to screw up you back or your knees in this business. Who is this help going to be and how are the medical bills getting paid. Very important to know the plan here.

You will encounter a few wonderfull customers that, despite the fact that you emptied the rooms and stripped the walls…. you still managed to break a 50k dollar ming vase… you NEED an insurance company to deal with that crap. You don’t want to deal with it. You wont have time if your making money and it’s a bunch of BS anyway, but it happens.

The truck…. It’s cheaper to use your own truck, which will not have a happy life, but buying another insurance policy kills alot of profit. Next, is to lease, short term, low miles, if your urban. If your rural, forget it … the miles will kill the deal. I’ve got decent deals buying used rent-a-vans from rental companies and insuring them under my own name. I try to get 2 years out of a truck. It depends on the situation. I had a friend who was so busy, he found it cheaper to rent vans and give them back every month and write the whole thing off on the business. Remember, trucks don’t last in this business, and basically get the liv’n crap beat out of them every day if your busy. If you know your going to work where you have to worry about your truck and you can’t keep an eye on it…. the rules change. It depends on the situation. My best deal was a couple of used 1 ton handicap vans. 4k each, with a lift that I converted into a fold out bench for cutting aluminum, tile, and fixing tools. I insured them myself for half the price of commercial and they had a high top for carrying a lot of pad. The vans where really maintained …. owned by a local hospital… with all service records. Both where junk when I got through with them, but they made me a ton of cash.

Tools… carpet tools are cheap… no need to insure. But, I try never to take jobs where other installers are working. Lost a power stretcher and a couple of staple guns like that.
Last… once the carpet is on your truck…it’s yours, until you get a check. I never leave a job without a check or my carpet. I don’t know of any insurance that covers bad carpet and still lets you make a profit. CHECK your carpet before you leave your supplier, don’t worry about insurance. I don’t like my carpet being delivered to the job unless I’m there to inspect it… all of it.

Good luck to your friend, this is a tough biz, and bad for the body. Get busy, make your money, keep your expenses including insurance down, and get out. I don’t recommend this as a long term gig………. Been there.