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Thread: Insurance Coverage

  1. #1


    I'd be interested in hearing from you "veterans" on what is an appropriate amount of insurance that a start-up should carry?

    I'm about 30 days away from launching my business and my insurance agent suggested 250k-250k, however,I may be opting for 500k-500k.

    Also, any thoughts on how to reduce insurance premiums once I'm up and established?


  2. #2


    Here in Pennsylvania the state PUC dictates the policy limits required for all public vehicles. I believe the limit is $35,000.
    I am also licensed by the USDOT which requires 1.5 million limits.

    You may want to check with the licensing authority in your state to find out what they require.

  3. #3


    I would recommend carrying $1.5 million. While this may be more than your states minimum requirement, it is a more appropriate amount. Not only does it better cover you, but it also sends a strong message to your clients that you are a serious player.

    Good Luck.

  4. #4


    I agree $1.5Million is the minimum you should go for, as others have said it shows you are serious about the business, and you are covering your clients. Like any insurance I hope you never need it; but you must have it there.
    Good luck Dick Hall

  5. #5


    I can't agree more, start with at least 1.5 million. It's better to be safe than sorry.

    Good Luck

  6. #6


    First, congrats on starting your business!

    But I won't be quick to specify an amount when there are many schools of thought on how much is too much if you go over and above what's required coverage.

    I see by your profile you're in Boston. Not knowing your vehicles and types of operations you've planned, I would say to talk to several insurance providers. This certainly won't cost you any extra but may provide valuable information.

    In my opinion, the first year and maybe the second will be a bitter pill to swallow compared to subsequent years (provided you have no claims). Ask your insurance rep for specific things YOU can do in YOUR scenario to reduce costs. Perhaps a higher deductable (don't be afraid of high deductables) may make an appreciable difference in your premiums or even allow you higher coverage amounts for the same premium. Again, ask around.

    Best of luck!


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