Insurance

**joshtpa** · 05-23-2007, 07:09 AM

Safeco garage insurance would work, but not for all coverages. Me personally I would want your standard liability coverage for the car and my surroundings. A disability coverage because I am working with large machines (car). But the big thing, is I want an umbrella type of coverage to sit on top all of the other coverages. Just for maximum dollars. The real thing is you must figure out first how one wants to set this up. Is it a corp, llc, sp, llp, etc... Because insurance needs and alloweds are going to be different depending on how the biz is set up. Personally I would go to a top tier agency, not an independent with these coverages. Aon, Marsh, Willis, etc will not look at accounts this small. However firms like Acordia, Wachovia Insurance, USI, etc... would like at it. In FL, there are tons of good regional firms too. Lassiter Ware, Stahl, ME Wilson, etc...Ask for custom accounts or small biz unit. Then explain your biz. The experts there will not try and oversell you.

**mikeo** · 05-23-2007, 07:20 AM

Congrats on your Sea Ray 310. Beautiful boat for sure in Tampa area.

My business is a LLC. I keep umbrella policies for my personal property and autos separate from the business. I insure the LLC with separate umbrella for personal liability.

For me, it got too complicated as my personal insurance carrier did not insure for commerical businesses, plus again wanted to keep all payments and insurance separate with the business.

**joshtpa** · 05-23-2007, 08:51 PM

You are doing things very correctly keeping them separate. You never want to "pierce the company veil". Always keep them separate. It is good to have a biz account that is not attached to personal finances. Their is a specific mastercard I like that you do not need a SSN for, just a D&B number and a Fed Tax number. Very good to keep things such as insurance and finances as separate as you can.

**JRock10** · 05-24-2007, 12:19 AM

My partner and I are going to an independent agent tomorrow. they sell Traveller`s. I`ll post back with the results!

**joshtpa** · 05-24-2007, 05:53 AM

Dont pigeon hole yourself with just travelers. Make sure you are getting quotes from all major companies. AIG, etc..

**mikeo** · 05-24-2007, 06:14 AM

For me, I found Travellers Garage Keepers Insurance and umbrella to be 3 times more than Safeco. Both are equally rated companies. I suggest you get multiple quotes from more than ONE broker/agent too.

Let us know what you find out. Good luck.

**JRock10** · 05-24-2007, 07:54 AM

sorry guys, by results i mean quote. of course i`ll be shopping, but today is the first agent. and I just happened to notice a traveler`s sign while there.

**joshtpa** · 05-24-2007, 01:12 PM

Originally Posted by mikeo

For me, I found Travellers Garage Keepers Insurance and umbrella to be 3 times more than Safeco. Both are equally rated companies. I suggest you get multiple quotes from more than ONE broker/agent too.

Let us know what you find out. Good luck.

A couple of things here...First off, any broker will give you tons of options with different carriers. Most agents will too. A national broker has no care which company you end up with. As far as Travellers and Safeco....Both are good companies, but to call them "equally rated" is absurd. You can pick up any business insurance magazine and see that is not the case. Insurance is not just about coverage and claims, but also a lot to do with account management, claims, etc...