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wannaknow's picture

insurance (post #205621)

wannaknow on Sun, 01/15/2012 - 11:18
in

property manager wants me to be insured. Fine. liability and workmen's comp. Fine. Question. I'm my only employee, should I become an entity. I hear LLC protects my house and personal assits. I just want the basics but I'm going out on my own and I want to be prepared. When I knock on doors and tell people I'm a residential remodeler, I want to be professional and I want protection but I don't want to go overboard. And what happens if I bring in others, whether they are helpers or electricians/plumbers?

jdilorenzo
-A +A

Hire helpers through a temp (post #205621, reply #1 of 1)

by cussnu2 in reply to wannaknow [original] on Tue, 01/17/2012 - 07:41

Hire helpers through a temp agency.  They will handle all of the insurance concerns for you and you'll get just one bill and no commitment.  Collect proof of insurance from every sub and learn how to read them.  Personally, I would demand a minimum $1,000,000 liablity policy from them along with workers comp.

For myself, I would be looking at carrying $1,000,000 GL policy with at least $2,500,000 umbrella policy.  One person falling through a hole you left in the floor or off a second story landing will make that seem like chump change but it would probably be enough to stop the attorneys from coming after you personally.