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How much is Pay-As-You-Go insurance?

Just like all insurance policies, the cost of a Pay-As-You-Go policy depends on several conditions. The price will depend on your profession, location, income, business size, experience and the required coverage. The minimum for a policy is about $40, but depending on the project this could go up to $500 or more.

Profession - Services Provided

Some professions are considered less risky than others.  Are you a painter or an electrician? There is a lot less that could go wrong painting a house than rewiring it.

Project Type

Even within your profession, there is a range of possible insurance costs based on the requirements of a specific project. As a carpenter, are you painting a bedroom? Or repainting the exterior of a three story building?

 

Naturally, you will pay less for a policy on a lower risk job, such as painting a room. The cost of your policy will depend on the amount of risk involved.

Location

If the project location is in a highly populated area, like the city center or a major street, there is more chance of potential injuries occurring on your premises. Because of the increased risk, you’ll pay more for your insurance. If the job is in an area with high real estate costs, the policy cost will also increase, as property damage would be that much more expensive to cover.

 

Also keep in mind that different states have difference insurance standards and costs. If you are working a job in a different state than you live or typically work, this could affect the cost of your policy.

Income

The cost of insurance also depends on your general income and the fee for an individual project. The higher your income and the larger your business, the more is at risk and the more expensive your policy will be. The same is true of a high-cost project.

Business Size

More employees and a larger business means more projects which means more potential mishaps or accidents. You’ll need to pay more for your policy, depending on how many employees work for you and how many projects your business takes on.

Experience

More experience, both in the field and as a business owner, will reduce the cost of your policy. The assumption being that someone who has been on the job for long will have a lower risk of claims being made against him regarding his work. Naturally, the same thought process goes with running your own business, regardless of how long you have been doing the job.

Required Coverage

While most contractors take out the General Liability Insurance policy, you may find you need additional coverage. For any additions to your coverage (e.g. automatic additional insured coverage), you’ll need to pay. Your policy will be calculated together with the additional coverages that you take.

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