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newbie asking about insurance


rekarns34613
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Hello There! I was hoping you guys could help me out. I am curious to see how much I should expect to pay monthly for liability insurance. I am going to start shopping for quotes tomorrow, but, am working on my budget today. If any of you with insurance could help me out, it would be greatly appreciated. I am not looking for specific dollar amounts (don't want to be that nosey), just a rough idea that I can put on that line for now. Thanks for any help!:)

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What about insurance for those of us who arent selling anything that is wicked? With no fire what kind of insurance would that be? Is there a basic business insurance that isnt the same as those who make wicked candles? I make tarts and wickless. I am making some bath and body products to sell at craft shows too. Wax bears too :) Where would I start to try and find out what kind of insurance I need and how much of that I need to cover my Biz??? Thanks

wendi

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That site seems to be pretty good(IndieBeauty). My question is about it being for those making over $5000 a year from homemade crafts. I am just starting to sell my stuff at craft shows. Which I am sure I wont fall in the over $5000 for this year....But would it be more beneficial to pay their fee of $395 for the year to make sure I have proper insurance or should I try to find a local company that would cover those that make less per year? I don't know how this will all go until I start going to craft shows and find out how well people like my products. Curious on your thoughts on my questions. Thanks very much in advance,

wendi

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You'll find when you start looking that not every company will cover candle businesses...with or without wicks. I had luck with State Farm and only paid $245.00 a year for a Million dollar liability policy that also covers my sister's home and has a rider for multiple sales locations (like craft fairs, etc.)

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WCZIRR, DON'T DO THAT! I discussed that with my lawyer, and he said that if your homeowner's policy doesn't already cover you for a home based business, and they find out that you are doing it, they could drop you. :( It is really hard to find good homeowners ins. anymore, so I wouldn't go that route. In fact, I got a couple of quotes today from some agents, and it doesn't seem that it's going to be too bad. Thank you all for the input :P

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if your homeowner's policy doesn't already cover you for a home based business, and they find out that you are doing it, they could drop you.
See this board is soooo helpful in so many ways!!!

This board is full of helpful information that you should take as a starting point for your own research.

The key word in rekarns post was could. My homeowner's insurance wouldn't cover my business, but they recommended another agent in the area who would. And they didn't cancel my homeowner's policy.

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I understand it is a starting point. I will have to do some research on my own too...however she did bring up a good point about they "could" drop you. Just gives me something extra to think about.

wendi

If you're homeowners is thru an independent agent of a large company (Allstate, State Farm) they are usually very helpful and will not drop you for inquiring...but you need to use your own judgement. My homeowners agent is the one who told me to try State Farm because the company we have didn't insure home businesses. So I didn't get dropped and ended up with a great referral. You can always play the "what if" card with your agent...as though your just starting to think about a candle business and want his/her input on insurance.

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Then again....some carriers will threaten to drop you. It's not always that you have a home based business, but that you have a candle related home based business (i.e. hot stuff, flames, danger of burning your house down, etc.). When we approached my carrier, not only would they not issue a rider, but stated that I was NOT allowed to conduct that type of activity in my home, threatened to non-renew, and further stated that if I did have a claim on my homeowners that stemmed form such activity, that it would not be covered.

Had to switch to a carrier that would write me home and a commercial (not a rider) policy.

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I have State Farm for my home owners insurance. Maybe I should start there, maybe a multi discount insurance rate for having more than one policy. This is something to look into more with them too.

wendi

you only get a multi policy discount on auto/home... not commercial

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WCZIRR, DON'T DO THAT! I discussed that with my lawyer, and he said that if your homeowner's policy doesn't already cover you for a home based business, and they find out that you are doing it, they could drop you. :( It is really hard to find good homeowners ins. anymore, so I wouldn't go that route. In fact, I got a couple of quotes today from some agents, and it doesn't seem that it's going to be too bad. Thank you all for the input :P

no Homeowners policy will cover a home based business unless is specifically on the policy... there's nothing automatic in it....

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  • 2 weeks later...
That site seems to be pretty good(IndieBeauty). My question is about it being for those making over $5000 a year from homemade crafts. I am just starting to sell my stuff at craft shows. Which I am sure I wont fall in the over $5000 for this year....But would it be more beneficial to pay their fee of $395 for the year to make sure I have proper insurance or should I try to find a local company that would cover those that make less per year? I don't know how this will all go until I start going to craft shows and find out how well people like my products. Curious on your thoughts on my questions. Thanks very much in advance,

wendi

I only do shows right now also. If you read on this page, it looks like it's $495.00/yr, because you need to be a member. So it isn't 395! I only wish. :angry2:

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