Mechanic's liability insurance

[jackaustin]

I have been wrenching on farmer's older tractors for years and liability insurance hasn't been a concern. I have though recently began performing some repair work for a multinational aluminum plant on their scrap trailer tipper trucks and a Broce broom. I was called about a failed fifth wheel plate and had a new one ordered and paid for when I was called by my friend and contact asking if I had insurance. I feel if I don't acquire a policy, this will work opportunity will be pulled.
For those of you independents working for companies requiring liability insurance, what are good source companies, policy types, and amounts of coverage? I'm a small timer and this will be the only (so far) need for it so I have the added question of is the cost worth the money I can make from the customer or do I say thanks for the work and move on.

 

[Ron]

Jack....not sure what kind of insurance you need. Is it professional liability insurance? Is it general liability insurance? Professional liability insurance will cost you somewhere between $5000 and $15000 per year. General liability insurance will be $500 to $1000 per year.

 

[EnergyProfessional]

Entities that require their contractors to have insurance typically spell out exactly what type and what $-amounts. Take that information to the insurance to inquire about covering exactly what they need.

Always good to have insurance when you perform professional services. If there is an accident, they will blame you and want you to pay. If a person got killed or injured, that can be costly.

If you intend to have multiple such clients, you need to have coverage for whoever has the highest requirements.

 

[jackaustin]

@Ron Hello. I am looking for general liability insurance.

 

[phamENG]

jack - a lot of it will depend on where you're located. Your profile says AT...Austria? If so I'm afraid I can't help. Unless somebody else on here is from your locale, your best bet will be shopping around. Call several brokers and get a feel for what they can offer, how much it will cost, and pick the one that's best suited to you.

As EP mentioned, get the minimum requirements from your perspective client in writing and provide that to the brokers to make sure you're comparing apples to apples (and not paying for more than you need).