General liability Coverage for welders.....

[Hammack_Welding]

For the guys here who are professional weldors and in business for themselves. What company are you using for your general Liability and how much coverage are you carrying. I'm not real happy with my current situation and looking to change some things around. I just thought I would see who you guys are using, and what you are carrying. Thanks

[lars66]

West Bend Mutual. Wasn't very happy about the cost going up every year untill I started calling around for quotes and found 99% of the agents didn't want to talk after hereing welding shop. The few agents that were interested at first couldnt get a price quote from the insurers. 36 years with out a welding related claim.

[platypus20]

Insurance premiums run about $15-20,000/ yr for liability insurance to do industrial boiler service, which includes welding for $5 million coverage, that with no claims ever after 30+ years. The $5 million is the minimum required to work on any job in NY, that accepts and federal, state, or county tax dollars, like schools or colleges. Based on a 2000 hr work year (40hr x 50 wks) that roughy $8-10 per every hour worked.


Jack

[BadgerWelds]

I am covered by Northland Insurors out of St.Paul MN. 2.5mil coverage costs me approx $3000.00/year..

[Brett]

I am in Australia so the actual insurer is irrelevant but one thing to consider is what the typical contract you sign ask for.
A lot of commercial contracts over here ask for 10 million Public Liability. There is not much difference in price for the premiums on a 5 compared to a 10.

BTW it costs $1,500.00 for 10,000,000.00 over here.

[wirehunt]

That's pretty good Brett, it's costing me about 750 I think for a mill here, I'd heard that it was 10 mil minimum over your way.

[Hammack_Welding]

Well most of you guys are carrying a good bit more than I do. Around here 1 to 2 Million is pretty much the standard. Yea I find that strange that when you mention welding business most insurers lose interest. Even though in my area welding related claims are nonexistent.

[weldbead]

lars66 yer comment reminded me of years ago icant recall which company but they sent me a leetter thgat my car insurance would not be renewed, no explanation. the agent said i hadnt had a claim in 9 years and at my age group they felt an acciddent was overdue. honest.

[A_DAB_will_do]

Hammack,

I struggled to find insurance for my mobile welding business. If you don't have a workshop, and some control over your environment, then most carriers don't want to provide coverage.

Working with a Broker recoomended to me by another welder, they were able to find a carrier named Nautilus Insurance Company. I've got $1M of liability covereage and property coverage for my tools and welding rig for about $2000 per year. Nautilus is a surplus lines carrier, which in layman's terms seems to mean that they cover oddball situations for a higher premium. There was another carrier, a subsidiary of Nationwide Insurance, but Nautilus offered a lower cost policy, with a wider range of fringe benefits. If I remember correctly, the premium quotation for the Nationwide subsidiary was about $2400 per year.

So far as other coverage is concerned, my truck is still covered by State Farm, and defined as a utility vehicle; which my agent assures me will cover me if it's damaged on a worksite or stolen from a jobsite.

I'm waiting to hear back from the State of Oh on premiums for my workman's compensation covereage. I'm hoping that since it only covers me, it won't cost an arm and a leg. (no pun intended)

I have health insurance coverage from Anthem, BCBS. It's catastrophic coverage with a relatively high deductible($5000), but the premiums are on $50/month. I think this is very reasonable. I'm single, non-smoker, with good health, which is sortof the ideal situation for health insurance.

Hope this helps.

Originally Posted by Hammack_Welding

Well most of you guys are carrying a good bit more than I do. Around here 1 to 2 Million is pretty much the standard. Yea I find that strange that when you mention welding business most insurers lose interest. Even though in my area welding related claims are nonexistent.

[Oldtimer]

Insurance companies are not in business to lose money. I've had that pointed out to me a couple of times by their agents. Once was on a small claim to State Farm. It was after years and years with them with no claims and I carried all my insurance with them. It resulted in me telling them where to put their insurance and I went down the road

I had my oil field liability insurance with another company and they were pretty reasonable considering almost no one would write that coverage at the time. One year two idiots blew themselves up cutting up an old oil production tank with a cutting torch without cleaning it and making it safe. My rates doubled. No amount of growling did any good. I couldn't change companies so I just shut up and paid the premium. It continued to go up every year.

[wirehunt]

Originally Posted by Hammack_Welding

Well most of you guys are carrying a good bit more than I do. Around here 1 to 2 Million is pretty much the standard. Yea I find that strange that when you mention welding business most insurers lose interest. Even though in my area welding related claims are nonexistent.

Something to do with even in our small country ever year or so someone manages to burn a plant down welding or cutting, a pain but that's life.

[A_DAB_will_do]

Any progress with finding a new, better/lower cost insurance carrier?

Originally Posted by Hammack_Welding

For the guys here who are professional weldors and in business for themselves. What company are you using for your general Liability and how much coverage are you carrying. I'm not real happy with my current situation and looking to change some things around. I just thought I would see who you guys are using, and what you are carrying. Thanks

[Hammack_Welding]

A_DAB, not as of yet. I honestly have not looked I still have a while before the coverage I have will expire. Just been too busy with some ongoing jobs to take the time to look, but I will report back when/if I find something better.

[Ag Specialties]

I struggled to find a company too for my portable. I found a company that would cover me because i was a cert. welder and also a paid fireman for 10 years. The paid fireman is what won them over. I use EMC. For 2 million blanket and coverage on my equipment cost about 3000.00 a year.

[Tbudde]

I see that this conversation is several years old. I am trying to help my welding client find a good policy at a good rate. He is in West Virginia. Sales are only about $50K. Trying to find him something for about $1500. If you have any insight, please let me know! We write insurance all over the U.S. and specialize in construction risks. www.onyxmoney.com

Thanks!

Todd Budde