I can site several example of factors that determine how much insurance. Most of them break down into these categories.
1.
Customer Requirements - $300-$600K is about right for most wco's. Some clients have required 1M, 2M,3M and 5M. A good insurance agent can add and sell you the additional coverage for a period you need it and you can cancel that 5M coverage when you no longer need it for that one customer.
If you are insured for $150K and you have coverage for 350K it will feel good but if you have 350K coverage and lose in court for 1 million that difference is coming from you. Something that is equally important is how you are registered as a business sole proprietor, LLC, or Inc and few states have the same laws so a local attorney or insurance agent can best answer these questions.
2.
State License- Some states require insurance as a condition of doing business in that state. Check state laws.
3.
Professional Association - My own state association FLWCA requires insurance and minimum insurance requirements and so does my National one.
4.
Your own personal assets are probably the most important one. A good attorney will help you protect these.
5.
Peace of mind. I have needed insurance three times and each of them was when I fell through a ceiling and I did some cosmetic or physical damage. Each of these jobs were less then $600 over the last. I reported the accidents, and got the ceilings fixed by their own carpenter immediately. Very little stress on me and on the the customer because they did expect a professional to handle this properly and I did.
Fifi may be covered for 1800K and not the 25k the client is suing you for replacement , mental anguish etc. When you have a insurance company you let their claims and legal department earn their money and let them handle it. This allows you time to run your business and not even worry because you have attorneys on your side that you could probably never afford on your own.
Fifi dying in a live cage (panic & had a heart attack) vs in a 220 4 hours after you set the job but maybe not as bad if Fifi was in a live cage out in the back woods off the customers property set by one of your employees two weeks ago and just found.
Any horror story you will appreciate having a good insurance company & their lawyer handling these things. Peace of mind.
Another factor is what you think is covered and what actually is covered.
A big one is firearms ask about whether or not they are covered and what are the actual limitations on the job.
Non target " pets " and using approved capture devices some policies cover whatever the state law allows and others may not even allow conibears , footholds, snare or restraint cables used on land. You need to know when you are covered and when you are not while out on jobs.
My point is a policy is not a number or an amount of coverage : you are buying specific coverage which should include the basic tasks you perform in your business. This is what you discuss with your insurance agent.
Not only having insurance but the right insurance can save your business , your family and all of your customers a lot of unneeded grief and has a dramatic effect on how the public will do business with you the business owner.If you want to know some of the questions to ask your insurance agent listen to
30 year industry veteran Ron Jones "Jonesie" ask Gene Bell of Snow & Bell Insurance Agency discuss in detail how much insurance coverage you may need and the right questions to ask any agent about what is covered. Listen to them here. http://recordings.talkshoe.com/TC-16456/TS-186015.mp3 
Gene Bell will be serving up lunch at the Rondi this year stop by and ask him personally Oct 27, 2012 in Moultrie Ga or you can call or email him .Email: gbell@snowbellins.com 352-796-3594 ext 24 I also did an interview with Jim Pace with Best Buy Insurance and who exclusively offers wildlife control liability insurance for NWCOA members.
http://recordings.talkshoe.com/TC-16456/TS-314482.mp3Other insurance related podcast can be found here and a list of companies who sell wildlife control company related insurance.
http://www.sitesbyrobb.com/all-about-how...ping-companies/
