I pay abt the same for 2mil coverage, errors & omissions, stolen equipment from site, minimal coverage on tools on trucks (thats expensive), rates does change every year based upon gross sales (I think...its a mystery though)
What a crock of crap! MONITAL declined your application because you didn't have liability insurance. And how do you insure an alarm company when you're not licensed to sell, install, or monitor alarm systems? Lie on another application PINKY?
John, I have a small business operation involving 850 accounts and 2 employees including myself. I pay about $1300 annually for liability insurance, including failure to perform, for the business here in Ontario, Canada.
R.H.Campbell Home Security Metal Products Ottawa, Ontario, Canada
Yeah, mine covers those things as well. They also calculate based on gross sales....certain % for locksmithing, certain % for alarms and certain % for window security bars. It used to be double that when I welded on customer premises....!!
RHC
My small, central station alarm company was paying ~$4-5,000 a year for insurance before I sold it. We never had a claim in over 20 years either. The rates have soared since then but I no longer install and my monitoring base is smaller now, too so I actually pay a bit less these days.
True, but so do all expenses. :^)
Wait until the insurance companies assess the damage from Katrina. Just like after 9/11, we'll all get shafted with an insurance "surcharge" to pay for it....
RHC
Insurance companies are not going to cover unlicensed companies who operate in a state where a license is required. Bass is doing business as an alarm company in a state that requires a license. Do unlicensed motorists get auto coverage? He's either lying about having proper insurance, or he lied on his application. Either way he's lying, but would you expect anything else?
I Would like to hear from anyone owning their own alarm operation. Just curious as to how much one should expect to pay for liability insurance on a small installation company? Mine is going up 28% this year, which is the
4th increase for 4 years as a business. I have never had a claim nor even a complaint.This expense is definitely going to affect my bottom line.
I will save the price of gas and auto insurance for another rant.
He knows that. It was just another mindless flame from the Milford Mugger.
Interesting point. I never heard that but among the entire three central stations (other than my own) with which I've done business, none required insurance of any type whatsoever. They all *do* require that your monitoring contract contains appropriate verbiage to protect them against third party claims in case they or you screw something up. Most contract CS will supply their dealers with a 3-party monitoring agreement. I converted Alarm Central's agreement into a PDF form that can be electronically signed and e-mailed both to me and them by the client.
Stop making so much sense in ASA. You will be flamed for years if you persist. :^)
Probably depends upon where you are and under what circumstances.
Around here you don't need any license to buy insurance - anyone can buy insurance for most anything and in any amounts.
You won't need liability insurance unless you operate a 'storefront' of some type that is open to the public. If you operated your buisness out of your house or your trunk (trunkslammer) there is no requirement for liability insurance aside from your standard homeowner's policy. It won't cover any buisness operations but there's no requirement for businesses to have insurance per se. Insurance is always a good idea but many many businesses don't have it simply because of the cost - unless there are some regulations forcing companies to carry insurance they don't carry it.
Landlords usually require tenants to have liability insurance otherwise folks wouldn't have it.
There may be some state license related requirement that says you need some particular type and/or amount of insurance but if you don't have any license then those requirements don't apply to you because they only apply to companies that do have a license..
Why would a monitoring station care one way or another if you have insurance? Your insurance won't cover them anyway as it would only cover you and what you did. And they cannot by law require you to name them as an additional insured in your policy because you have no control over their business and/or their operations. I'm sure they would like somebody else to insure them but thats just wishful thinking.
I've been asked for: Copy of contracts Whether we provide Medical panic buttons - if so...how many. (not many) Every year or so they want financial statements, but never been audited by them Percentage of commercial v. residential Do we work with hazardous materials..blah blah blah.
Never been asked for licenses though.
Same here...but the ins. co. doesn't check any of that.
Utah, what part?
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Here in Utah, we have to have our insurance before we can get a license. We also have to pass a background check and 2 different written tests. Only then will the state issue an alarm license.
James
I know where bAss won't be going when they run him out of FL for contracting without a license. [a license that can be gotten with an open book test if one has a modicum of knowledge about the subject] he pretends to be an expert, why can't he get his license? expert def.: ex = used to be spirt = squirted , or discharged
James
Peak?
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Too cold up there for me.
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Denco, in Ogden near Mountain Alarm and a long way from Peak. :)
I must spend about 1k a year in alarm licenses (I make the guys pay for their own though), tax license renews, roc licenses (almost worthless) not to mention the time filling out all the bullshit paperwork every month.
Forget the gas surcharge for service calls - we should be charging admin fees for all the bureaucratic bullpoopy paperwork we have to do every month.
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