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Insurance in Texas


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I have read all the threads pertaining to Insurance and it is somewhat disappointing:undecided

Does ANYONE out there have Insurance in Texas to cover their Home Based Candle business?

From what I have read, it is not a good idea to try and go through my home owners policy ( some have lost their policies).

This is getting serious! I have recently had some amazing opportunities come my way but can not consider moving forward without Insurance.

Anyone in Texas???

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  • 4 weeks later...

I can only commiserate with you. I'm in Alabama and haven't been able to find it--I spoke with a friend who sells life insurance and he said it's because Alabama law doesn't impose a cap on the amount of damages that can be claimed, so insurance companies won't touch it!

I sure wish I could get that Ohio insurance that's less than $400/year!!

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Would being an LLC make any difference when insurance isn't available in your state? Is there some separate insurance that's only available to LLCs?

TIA,

Jane

You can become an LLC no matter what state that you live in.... it's paperwork. You can hire an attorney to do it for you or do it yourself if you don't mind the paperwork. I have done a lot of checking into both... an LLC stands for "limited liability corporation". If you were ever sued it limits the amount that the defendent could take from you to your business assets only and not your personal things (i.e. home, personal money, vehicles, etc.) I know that one of the requirements is that once you become an LLC it has to follow the name of your business on everything so people are aware of what kind of business you are.

HTH.

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BTW, I spoke with my CPA and Attorney, and they suggested that I form an "S Corp", which I am told can also be an LLC. My school was an LLC......and you are 100% correct....TONS of paperwork...much more than I wanted to try and tackle on my own. It took my attorney approx. a week to have everything complete, including my taxpayer ID number.

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LLC don't give you a lot of protection if you are a sole owner. A good attorney could rip right through a LLC structure and show personal liability very easily, so it's not as safe as all the posts you see about it make it out to be. Theoretically it protects your personal property, but..... A true corporation is much better, but that one does have a ton of paperwork.

I did a LLC anyway, because in Oregon all you have to do is send in $50 and give them your name and address (for a single person one).

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Hey Michael, let us know what Mr. Tedfords response is to your email. I'm very interested. Thanks!

I dealt with Chris Tedford via email throughout the whole process. ( I did have to fax one thing and mail my signature pages in.) I found him to be very professional and quite honestly with more and more Insurance companies not being "Candle Industry Friendly", I was grateful to have found someone to Insure me. I am not a gambler when it comes to Insurance. I have taken all the necessary precautions in every avenue to be protected ( as in Forming the S Corp etc, and seperating my personal assests and responsibilities from the corp as much as humanly possible, but I truly believe in having Insurance. It is just part of the cost of doing business...in ANY business you own.

I know there are a lot of people that do not make Insurance their priority...or some that misrepresent their businesses to the agents to get some slack or lower rates.....I just don't play that way...never have. I believe that it is always best to be upfront and honest about everything and you will not have regrets later.

I have said all along that I believe that there are too many people in this industry that are selling their products at far less than they should be selling them for. It is just impossible to create quality products in the manner you would like and operate your businesses in a professional manner and NOT pass these costs along to the consumer. You just have to decide who you want to be. I personally think that the whole industry....straight across the board should be getting more for their products, and NOT selling them out of the truck of their cars! LOL

anyway...to anyone that is interested, I would highly recommend Chris. I am pleased with my policy and rate. Of course I would have preferred it to have been FREE, but I doubt I would have been pleased with the coverage.

Thanks for sharing Clonefan80. This is the EXACT reason I continue to frequent this board. The people here are very helpful, and I appreciate that very much. Clone saved me HOURS of time!

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I have said all along that I believe that there are too many people in this industry that are selling their products at far less than they should be selling them for. It is just impossible to create quality products in the manner you would like and operate your businesses in a professional manner and NOT pass these costs along to the consumer.

Amen, brotha! I just cannot fathom how people can make a dime off their candles and B&B lines when they charge what they do - I know I'm on the high end of the spectrum, but when I factor in my costs and do the 2x, 3x thing, that's what I get! And I've got a great client base.

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Just thought I would give you guys some info. I just purchased General Liability Insurance/ Product Insurance today. I live in Texas. Got it from an Insurance Agency in Vidor, Tx. They can write this insurance anywhere in Tx. If you are interested PM me and I will give you the details, phone #, etc...FYI...my prem. is around $800.00 per year, with $1,000,000. incl. fire legal liability of $100,000. and medical payments in the amt. of $5,000. This would be for each occurrence. I am classified as a Home Based Business - Handcrafts/per 1 person.

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Just thought I would give you guys some info. I just purchased General Liability Insurance/ Product Insurance today. I live in Texas. Got it from an Insurance Agency in Vidor, Tx. They can write this insurance anywhere in Tx. If you are interested PM me and I will give you the details, phone #, etc...FYI...my prem. is around $800.00 per year, with $1,000,000. incl. fire legal liability of $100,000. and medical payments in the amt. of $5,000. This would be for each occurrence. I am classified as a Home Based Business - Handcrafts/per 1 person.

I would be interested in this as would Sherie I think. :D

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For those that are interested.....It's Triangle Insurance Agency, Vidor, Tx.

1-800-969-0261. Alana Robinson is the person you need to talk to. They have several companies that write this insurance and she will get quotes from these companies to get you the coverages/premium to suit your needs. She is very helpful. It took her about 3 days to get my quotes. Her e-mail addy is: ARobinson.trian04@insuremail.net. Just a reminder...this is for those in Texas only.

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Currently I am doing a lot of research in Maryland and am waiting on three quotes for general liability and product liability insurance with a 1 million dollar cap. Once I get my quotes, I will post on here who has the best to help any other Maryland chandlers. Of course the first quote that I got was $1,500 a year and I about threw up. I have since been told there is a huge variance in premiums. Just boils down to what brokers these agents have access to. Will keep you posted.

-Denise

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