I'm doing a project for school, and I really just need a guestamated answer. A friend of mine said that a lot of the numbers for insurance are done as a percent of the overall profits of the business, knowing that number would be great.

Alright so, I’m working on an automotive repair and used cars sales type deal, comparable to a small dealership. I’d need workers comp, coverage on the land and building and shop equipment, (land is about 2.7 acres) and probably some sort of theft coverage because I would have a lot of other peoples property on hand. There is a way to lock down the parking lot. I would have about 34 people about in my full time employ.

If any one could help that would be awesome.

Wow, this is a very, very large shop.

I've insured these types of businesses before.

Roughly, here's the breakdown, IME:

Property coverage (land, buildings, tools you own: $15,000

Garage liability including dealer/repair plates – you probably have 5 – and $150,000 GKLL coverage – direct excess basis – $70,000 including two paint booths. No tow trucks.

Workers Comp: about $50,000, assuming total payroll about $1,250,000 (given your number of employees)

Misc bonds – licensing, tax bonds, state inspection machine bonds, etc – $5,000