pitbell85

Oh boy insurance companies. They want their money but good luck getting them to pay out.

 

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LittleDogy

Wow,

insurance?........

I'm happy that you are talking about rates. If I am 100% online and I take on the reponsibility of replacing my equipment if I have loss, do I need insurance?

What type of bad things can happen to my company if I am doing onlines sales only?

What do I need to protect myself from?

 

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splathead

Quote: Originally Posted by LittleDogy Wow, insurance?........ I'm happy that you are talking about rates. If I am 100% online and I take on the reponsibility of replacing my equipment if I have loss, do I need insurance? What type of bad things can happen to my company if I am doing onlines sales only? What do I need to protect myself from?

Primarily products liability. an example would be if you sold an improperly labeled item and the person who bought it was allergic to it. Or your ink ran in the wash and destroyed a full load of clothes. Stuff like that. Remote, but possible.

If you ever decide to do trade shows or arts/craft fairs, insurance is usually required.

 

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sunnydayz

My insurance is only $23 per month and that covers liability, equipment and all inventory. The reason also you need it is to cover your business in case your house burns down or something. Regular home owners insurance does not cover business expenses. I was required to have insurance also to make sure my equipemnt was covered for the leasing company. I have well over $20,000 worth of equipment to though

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TSW2005

I have storefront, and shop. About 1,000 square feet. Also a trailer and complete mobile shop (embroidery, press, cutter, etc). All are insured, 2 mil, like yours, 100K in equiment and product, and covers me in the shop and on the road. $500 ded.


$810 annual. metlife.
Mass Policy.

 

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action

I am a commercial insurance agent, that quote seems a little high for only General Liability Coverage. The coverage listed is General Liability Insurance (GL). The base rate for GL is determined by total annual revenue or anticipated annual revenue and number of employees. There are few other rating factors but these are what make the bulk of the rate.

The more revenue you bring in, the busier you are! This creates greater liability because...well, you are doing more. If you have additional employees that also creates greater liability, now you have others that can generate a loss for you company.

2mil is standard for the commercial insurance industry in general. If you are concerned with allergic reaction to ink the Products/Completed portion of the policy will cover for you loss and this is already included with GL.

I think you shop around! That State Farm price sounds really good!

 

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action

Every business owner has an exposure!!!!!!!!!!! Insurance is one way to make sure you are covered in case the unforseeable happens. Why do you need insurance? To protect against litiguous claims of trademark infringement, piracy, theft or duplication of intellectial property i.e., logos, proprietary graphic art, chemical reactions to inks...etc.

Every business owner needs insurance for protection.

 

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Teeser

Be sure you contact an independent insurance agent/company who will get quotes from many companies for you. I'm sure you can find a policy for less.

 

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Brooklyn Junior

You should consider yourself lucky to get a $848 quote. When insurance companies hear the word "baby" they don't want to get involved. We had a very hard time getting insurance and we payed a lot more than $848 for the same coverage. Keep us posted if you find something cheaper. Good luck
N

 

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action

Hi Brooklyn Junior aka Nadia!
I am a full time commercial insurance agent here in AZ. I also have a small home business that provides screen printed shirts and embroidery. I will transition this into a full time career, hopefully before the end of next year!
If you are only printing & embroidering on childrens clothing I don't see why it would be a rating factor. If you are paying 848 for a home based business maybe you should shop around. Independant Insurance Brokers (i am a captive agent with Nationwide) have an advantage for finding you a great company at a decent price. You should shop three reputable companies and see which company does the best in providing you with the coverages you need. I've seen huge price differences for the same coverages, there is no reason to pay more for the exact same coverage. It appears by this thread that State Farm has the best price so far, they have a great reputation!

 

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funkygator2

Here is the latest quote I got, and I must say that although it's not as inviting as the $260 that TM is paying, is still a whole lot better than the previous quote and it offers more coverage for $376.51. I also found out that my homeowner insurance already covers $2500 worth of bus./personal equipment. If I need more coverage of this type, they said I could call them and add more coverage. Thanks to all of you for the info & suggestions.

 

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splathead

Good Job! Now take that $500 we saved you.....tell us what bar you are going to be at....and buy us all a drink.

 

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Solmu

Quote: Originally Posted by splathead If you ever decide to do trade shows or arts/craft fairs, insurance is usually required.

I've noticed (here at least) some will take care of it for you, but at an additional fee.

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