Insurance

[escentiallysoy]

I am still just doing this as a hobby, give to family and friends, but I want to eventually branch out by next year this time to craft fairs and what not. I know it is important to have insurance and what not so that if something were to happen, my home finances would be safe. Any suggestions on insurance carriers in WI? Also should I get an LLC too? Any thoughts would be great! TIA!

[southern.scents]

I can't advise on specific insurance providers but you might try http://www.businessinsurancenow.com/ . That is where I found my insurance provider for both of my businesses.

From experience, $500,000 in product liability was $500 a year (not too bad, IMO.) However, the taxes and fees totaled a whopping $180+ (that would have been around 36%...our sales tax is only 7%.) Anyhow, my provider allowed payments (monthly or quarterly) so if you can't afford the expense all at once, you should ask about that option.

As for going the LLC route, I think it'd be best for you to talk to an accountant about the potential affect on your finances and taxes. I *think* a single partner LLC is taxed the same way as a sole proprietorship but that could vary from state to state. Otherwise, an LLC filing in MS was only $50 and took about two weeks so I definitely think the benefits are worth the relatively small cost and amount of time. Again, it could be completely different in your state.

[escentiallysoy]

Thanks, I will definitely have to check out that website as well as the LLC rules in WI. I appreciate the advice.