How much would it cost me to insurance an armed security co./ or paintball gun range?

Question

i would like to start a security bussiness and/or painball gun range.

i know that it takes money to make it, but the biggest part and most important part is insurance. im sure insurance is pretty low and low risk with a painball gun range(in which, if anyone knows how much a month or year and how much to put down, please let me know),

but i really would like to start the security co. first but i would have to be able to protect my employee and farther most, my self and the company. or at least make up some legal paper work saying that "we are not held responable if...ect"

in short, im trying to do it right the first time, and any help from you guys will help. thanks

Answer 1

You're sure insurance is pretty low?  Are you serious??  Both of those are VERY expensive, high liability rates, high workers comp rates, high property rates.

You can't buy these coverages for a start up business by the month.  An insurance company isn't going to give you monthly payments.  

You can't wiggle your way out of liabiltiy or workers comp laws, by having a paper say you aren't responsible.  They don't hold up in court.  You can't "opt out" of laws.

You need to talk to a local, independent agent.  Or three, as I'd bet most won't be bothered to quote this, as you REALLY are not committed.  I guess if you came to me (I"m not offeing!) saying, I want to start either this business, or that, I'd charge you $500 for the quotes, to be refunded if you actually bought the insurance, to cover my time.

Anyway.  For the armed security co, assuming you have ONE client, and 4 ful time armed security guards, you're looking at workers compensation being about $7,000 a  year, and the general liability probably about $10,000 a year.

For the paint ball, the workers comp is cheaper - probably only about $2,000 assuming three employees, but the general liability will start at $5,000, and it WON'T include medical payments for participants.

So the paint ball would be cheaper.  But not cheap, in my book, for a startup business.

Answer 2

The ONLY way to get an accurate answer is to develop your business plan and ask an actual insurance company for a quote.  To get a ballpark estimate, talk to a company in the business now.