Premium Estimate - Bar & Restaurant

[Dudley76]

Brokers:

I've got a friend of the family considering opening a bar/restaurant on Long Island. I've never written one of these risks before so I have no idea what the price range is.

Anyone here close any of these risk types and if so, what have your premium #'s looked like for them? Here's some underwriting info:

-ZIP Codes: 11788, 11758, 11743
-Estimated gross receips: $900K
-Estimated payroll: $225K
-Years experience in bar-restaurant: 0. Years experience in business: 35
-Occupancy of rented space: 190
-Clientele sought: Over 40 years of age
-Dance Floor

I'm just looking for a general range for GL/Liquor Liability here...lowest to highest.

Thanks.

 

[jhuang]

You're better off asking your carriers that you have appointments with this question.

 

[Dudley76]

You're better off asking your carriers that you have appointments with this question.

...where all of the underwriters want complete application submissions for a full review of the risk. Believe me, that route was taken well before I logged into the forum this morning.

Thanks for your input.

 

[Guest]

can you give me a estimate on ANY insurance product?????

there is sooooo many factors that go into ANY quote.

Well, hell with it, here is my estimate.

$1,435,918,826.00 a year premium, you must split the commission with me.

Thank You

 

[Dudley76]

can you give me a estimate on ANY insurance product?????

there is sooooo many factors that go into ANY quote.

Well, hell with it, here is my estimate.

$1,435,918,826.00 a year premium, you must split the commission with me.

Thank You

80/20 me.

 

[djs]

I'm not sure how many commercial brokers are here that are licensed in New York. Add to this, they are new in business, then add the rest of the underwriting info that is missing, it's tough to predict this for almost anyone.

You need to ask a broker in the area to even get a ballpark. What I quote you here in California wouldn't even be a good estimate for this. Being new in business means a lot of carriers won't write it, so the premium is really anyones guess.

Dan

 

[BTFuzz]

Your asking brokers and agents from all 50 states how to estimate a risk in NY? Not only will that and all other underwriting factors matter, but the carriers will also differ. No way can anyone answer this question with accuracy...

 

[Dudley76]

Your asking brokers and agents from all 50 states how to estimate a risk in NY? Not only will that and all other underwriting factors matter, but the carriers will also differ. No way can anyone answer this question with accuracy...

It was geared towards NY, that's why I included the ZIP codes. Fully understand the inaccuracy that comes along with this question.

Let's look at this another way perhaps:

I'm sure many of you have had prospects that have approached you with something to the effect of, "I'm thinking about starting a xxx business. I'm trying to get an idea of startup costs. Do you know how much it would cost for insurance on the business?"

How do you advise said prospects, when they don't even have a business name or rented space to provide along with a quote submission? My wholesale markets will not accept a submission without a registered business name. However, I want to help these people out so that I can get their business when they do open.

Now I understand that all risks are unique but can't we give these people SOMETHING? LOL

 

[bobson]

Some number divisible by Pi I'm sure.

 

[the mayor]

I specialize in the food biz and I am licensed in NY.
What is my commission if I give you a guestimate?