Jump to content

Insurance


escentiallysoy
 Share

Recommended Posts

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! :cheesy2:

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...