Comments on: iBank: small business loans, insurance, capital

By: ARTHUR T

ARTHUR T — Mon, 27 Apr 2009 17:13:40 +0000

OK, I've written business insurance on businesses owned by felons. It's not a deal breaker, but for a NEW business, you're likely going to be in the surplus lines market. You need to go to an independent agent, give them details on the type of business it is, and get quotes for the business insurance.

If you're only buying health insurance for one or two employees, it's going to be INDIVIDUAL coverage, not a group plan, in most states. It gets underwritten and priced based on the age, the health, and the coverages. If the agent doing the business insurance isn't licensed for health insurance, ask them for a referral.

**caveat – any illegal acts committed by an owner of the business are NOT COVERED anyway – just want to make sure you know that. If the partner runs off with the stock, it's your loss.**

By: adkjlsf a

adkjlsf a — Mon, 27 Apr 2009 14:24:35 +0000

General liability with one person cleaning, gross receipts under $75,000 is going to run around $1500 a year.

A "bond" is going to run around $250, but doesn't mean what you think it means, and basically you don't need it anyway. You'll have to guarantee the bond amount if it's a start up business, which means, post $5,000 or however much you want the bond to be for.

Bonds for janitorial services, people ask about them here about twice a week. No one really needs them, unless you're doing government work.

By: Marín

Marín — Mon, 27 Apr 2009 03:41:16 +0000

Different companies will have different requirements and pre coverage conditions. Premiums will also vary sometimes by several hundred dollars. It is always a good idea to start with the company that carries your auto and home owners insurance so that you also may be able to be covered by an umbrella policy. Shop around for business insurance just as you would any other kind.

By: ebaath

ebaath — Sun, 26 Apr 2009 20:18:20 +0000

iBank is a great source for capital and credit for small businesses!
iBank enables corporations to sell more products and services to their customers by providing their customers with seamless connectivity to credit and capital. iBank’s success is based on their ability to empower companies to capture, grow and service their customers by enhancing their financial relationships.

By: argath

argath — Sun, 26 Apr 2009 13:06:42 +0000

listen DJ Gregory, he's the best

By: todd

todd — Sun, 26 Apr 2009 09:41:58 +0000

You need a general commercial liability policy (GCL) Check with local agents in your area.
They will want to see:
how long the business has been established/ yrs of experience.
Your annual payroll
3 most recent jobs

By: lammerm60008

lammerm60008 — Sat, 25 Apr 2009 18:22:20 +0000

Farmers WILL do it. Call….

Juan Betancourt
5531 W Cermak Rd # D
Cicero, IL 60804-2218

Phone: (708) 863-1750
Fax: (708) 863-1749
jbetancourt@farmersagent.com

Alma Rodriguez Agency, Inc.
6932 Windsor Ave
Berwyn, IL 60402-3335

Phone: (708) 795-4444
Fax: (708) 795-4447
arodriguez3@farmersagent.com

Don’t worry its not me I looked this up on http://www.Farmers.com and yes I know 90% they do. Every senior and state is different try call. I have the link below and you can look up another agent.

By: Darksuns

Darksuns — Sat, 25 Apr 2009 17:12:04 +0000

Yes, definitely. First, if you are using you personal vehicles to get to the customers location your auto insurance company can avoid paying a claim if on a business trip. Second, liability for any error or damage you cause while doing your work. As a sole proprietor you are liable for any damage or claim and your homeowners or auto will not pay. See your insurance agent and discuss coverage needed, it probably will not be that expensive. I have a small farm business and pay very little extra for business coverage.

By: cdlfamilyof4

cdlfamilyof4 — Sat, 25 Apr 2009 11:21:55 +0000

Use this site to find an independent agent in your area. An independent agent represents more than one company so they have a better chance of having a company that will be able to write the insurance he needs.

http://www.iiaba.net/agentlocator/findagent.aspx

By: Sheepish486

Sheepish486 — Sat, 25 Apr 2009 09:49:57 +0000

Well, they can't do it over the phone because there are way, way too many variables.

A safe range to use, is $500 to $150,000. Yep, 95% of small business insurance packages will fall in that range.

It depends on what they do, what they need covered, where they are located, and of course, the rating basis.

Sorry, I don't think this is much help.