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Forum topic by BlueVine posted 07-31-2014 04:13 AM 1507 views 1 time favorited 14 replies Add to Favorites Watch
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BlueVine

4 posts in 919 days


07-31-2014 04:13 AM

Hey guys. I am starting to sell some of my goods at farmers markets around town, and a few of them require me to have general liability business insurance. Has anyone else purchased insurance for their company or run into this issue? I’m barely making any money (more of a hobby, really), so I don’t want to spend a ton of money on something that I will almost definitely never need. The cheapest quote I’ve found is for $700/yr. That’s like 1/10th of my annual sales, so it doesn’t seem like it’s worth it. Does anyone know of a cheaper option?


14 replies so far

View Yonak's profile

Yonak

979 posts in 988 days


#1 posted 07-31-2014 04:16 AM

Check with your insurance agent to see if your carrier offers a rider for your homeowner’s policy. Mine costs $175/year.

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BlueVine

4 posts in 919 days


#2 posted 07-31-2014 04:24 AM



Check with your insurance agent to see if your carrier offers a rider for your homeowner s policy. Mine costs $175/year.

That’s a great idea actually, but I’m not a homeowner yet :(

View Nickdarr's profile

Nickdarr

69 posts in 1498 days


#3 posted 07-31-2014 04:31 AM

If you have renter’s insurance, you may be able to do something similar to a homeowner’s rider.

-- Darren... Hmmmm, I got nothin.

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diverlloyd

1449 posts in 1324 days


#4 posted 07-31-2014 02:48 PM

Don’t buy from travelers insurance company. Talk to your insurance provider and see what they offer I am with State Farm and they have extra add ons for things like this.

View Domer's profile

Domer

252 posts in 2833 days


#5 posted 07-31-2014 03:24 PM

You might check with your insurance agent to see if you need product liability or if the umbrella on your homeowners policy will cover you.

View Wildwood's profile

Wildwood

1887 posts in 1601 days


#6 posted 07-31-2014 04:10 PM

A nice read,

http://www.craftsreport.com/beginning-business/177-craft-business-insurance.html

Show event insurance might be a better choice, check around for best price for coverage you need. Like Lewis points out in her article have to understand what is and not covered regardless of which way you go. Had an annual craftshow policy for few years, but dropped it after rate increase and did not cover out of state.

http://www.actinspro.com/?gclid=CJauhKPx778CFSbl7Aod7V0AjA

-- Bill

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Jim Finn

2417 posts in 2389 days


#7 posted 08-01-2014 02:20 AM

I had an insurance policy to cover my toy making and it cost me $800 a year. That is a LOT of $3 toys! I no longer make toys.

-- "You may have your PHD but I have my GED and my DD 214"

View bigblockyeti's profile

bigblockyeti

3668 posts in 1187 days


#8 posted 08-01-2014 03:03 AM

I’ve wondered about this myself, my brother bought my son a wooden train for his birthday, the cars were connected by screwed in steel hook and eyes. The hooks weren’t very tight and I found one of them in my son’s mouth. If he had swallowed it $800 would seem like and extreme bargain.

View Yonak's profile

Yonak

979 posts in 988 days


#9 posted 08-01-2014 03:59 AM



I ve wondered about this myself, my brother bought my son a wooden train for his birthday, the cars were connected by screwed in steel hook and eyes. The hooks weren t very tight and I found one of them in my son s mouth. If he had swallowed it $800 would seem like and extreme bargain.

- bigblockyeti

..And that is why making toys is not even on my “some day” list.

View rrww's profile

rrww

263 posts in 1580 days


#10 posted 08-01-2014 11:26 AM

Keep shopping for insurance.

When I started my business and needed insurance I had a huge range of quotes some salesmen come in and think you need 5 million for this and another 2 million for that. Its almost a crime what some of these agents tell you. Once you find a decent insurance agent that understands what you are doing and not trying to line their wallet, they can tell you what you really need. Quotes for my business ranged as much as $600 a month – now that is crazy.

Good luck.

View JAAune's profile

JAAune

1646 posts in 1784 days


#11 posted 08-01-2014 06:35 PM

We’re on a woodworker’s insurance policy that costs less than $2,000 a year for general liability, transportation of goods and renter’s insurance combined. The premiums are based upon estimated volume of sales and we’re moving far more product than the OP ever will. We’re also covered for damage to the client’s property during installs.

To qualify though, we are required to maintain a certain level of infrastructure in our facility (spray booth, etc.).

-- See my work at http://remmertstudios.com and http://altaredesign.com

View Woodendeavor's profile

Woodendeavor

276 posts in 2073 days


#12 posted 08-27-2014 04:13 AM

My business insurance is $800+ / year. It covers me for loses at a show, it covers my tools and my shop and it covers liability for products sold. There is allot of options out there. Good Luck

View Woodmeister's profile

Woodmeister

8 posts in 710 days


#13 posted 12-31-2014 06:06 AM

Has anyone dealt with ACT Insurance.. Wildwood posted the link to them..

-- Duane

View Woodmeister's profile

Woodmeister

8 posts in 710 days


#14 posted 12-31-2014 06:07 AM



My business insurance is $800+ / year. It covers me for loses at a show, it covers my tools and my shop and it covers liability for products sold. There is allot of options out there. Good Luck

- Woodendeavor

Hey Woodendeavor.. Is this a business policy complete or just liability.. Just general info is fine and what company are you currently using if you don’t mind me asking….

-- Duane

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