Question


Cjara

retail insurance question?

I'm doing a project for school, and I really just need a guestamated answer. A friend of mine said that a lot of the numbers for insurance are done as a percent of the overall profits of the business, knowing that number would be great. Alright so, I’m working on an automotive repair and used cars sales type deal, comparable to a small dealership. I’d need workers comp, coverage on the land and building and shop equipment, (land is about 2.7 acres) and probably some sort of theft coverage because I would have a lot of other peoples property on hand. There is a way to lock down the parking lot. I would have about 34 people about in my full time employ. If any one could help that would be awesome.

5 months ago - 2 answers

Best Answer

Chosen by Asker

Wow, this is a very, very large shop. I've insured these types of businesses before. Roughly, here's the breakdown, IME: Property coverage (land, buildings, tools you own: $15,000 Garage liability including dealer/repair plates - you probably have 5 - and $150,000 GKLL coverage - direct excess basis - $70,000 including two paint booths. No tow trucks. Workers Comp: about $50,000, assuming total payroll about $1,250,000 (given your number of employees) Misc bonds - licensing, tax bonds, state inspection machine bonds, etc - $5,000

by mbrcatz

5 months ago

Asker's Rating: 

Other Answers

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by MARIA C- 5 months ago