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Insurance is now available


SuzieE

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I hope this is allowed.

I know that we are all interested in insurance costs and finding someone who will insure us.

I have been keeping in touch with Handcrafted Soap Makers Guild for a few months since I heard on here that they were trying to get insurance for all their members that covers SOAP and CANDLES.

Wahoo it is here now they have gotten a package for all their members. It is now a part of the membership and the insurance is in force immediately as soon as you pay the membership.

Details are here: http://www.soapguild.org/public/insurance.php

It covers SOAP and CANDLES.............

Wahoo

Suzie

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I got an email last night too. Looking for other's thoughts on it as well before I pop out my business card...I read all the fine print and it does not mention a cap on what you can make in sales, so I am guessing your sales can be unlimited? I know I heard about one where you could not sell more than $5000 a year (what's the point of that one? hehe)

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I want a copy of the actual policy. BUT if this is exactly as they say it is, then I am IN without a doubt. My current policy ends in a month or so. I pay near $2,000 a year. (Yes, you read that right.) Once I find out the facts from the Guild, I am so out of my other over priced insurance. I believe that this is what we have been waiting for. We are a low risk business and deserve this. I thank the Guild more than you will ever know!

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Noodle, since you have an existing policy to compare it with, will you please post your thoughts after you see a copy of the policy?

I haven't been able to find reasonable insurance in Alabama at all, so I'd love the opinion of someone with business insurance experience.

TIA,

Jane

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Janie, I would be happy to let you know what I find out. But I have a feeling that there is not much more to add than what the Guild has already stated. It is a phenomenal price that they are offering. I do not even carry candles because the cost in my state is astronomical. The Guild policy is pretty cut and dry. I just want to see it in print and find out if there are loop holes. Here is the coverage as stated on the Guild's site:

This is a Commercial General Liability policy. The limits are:

$1,000,000 General Aggregate Limit

$1,000,000 Products-Completed Operations Aggregate Limit

$1,000,000 Personal and Advertising Injury Limit

$1,000,000 Each Occurrence Limit

$100,000 Damage to Rented Premises Limit

$5,000 Medical Expense Limit

I am covered at $1 million in my current policy. I also have a much higher medical expense limit which is something that I do not even need. I have never been injured on the job and do not plan to. However, I cannot imagine needing so much money given what I do. The most critical bases of coverage have been taken care of here. The million for personal and advertising injury is what I personally find to be the most critical. I do not need the $100.000 damage to rented premises, but hey, it is nice to know that it is there if I ever do need it. My sales are very high. I sell large volume and I have NEVER had a single issue arise that warranted a law suit. While I know the possibility exists, (which is why I obviously have insurance), a group rate like this is the only way to go in this low risk business. The $500 per year that the Guild is asking for including membership is so reasonable that I have to keep reading the information on their site to believe it. It is such a fair rate. I also understand the need to join the Guild for this coverage. The insurance company wants to cover one organization and it keeps things simple. I hope that those of you in need of insurance decide to explore this option at least. It really is a great deal.

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Noodle, thanks so much for your response.

Yes, I had read the info on the site and, like you, am mainly interested in the $1 million liability. What I wanted to hear your opinion on was whether there were, in fact, any loopholes when you do see a copy of the policy.

I'm afraid, not previously having had insurance, that I might overlook some loophole in the policy.

And I sure agree about the price--the lowest I had found was around

$1,000, and I'm definitely not a large volume operator--in fact, I haven't yet made a profit, but I do want to get insurance coverage for peace of mind. But I haven't been able to justify paying $1,000.

Thanks so much for your comments and I'll keep an eye on this thread to see if anyone does, indeed, find loopholes in the policy--I almost signed up immediately but decided I'd wait for more experienced opinions.

Thanks again,

Jane

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