I started a small home based service business, what will I need to get general liability insurance?
For a general liability policy will the insurance company require certain proof or is it a simple policy to obtain?
Try the Business Opportunity Search Engine for liability insurance.
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Does anyone know what insurance companies are covering home-based businesses?
Specifically, I am starting a home-based e-commerce store, and my insurance broker has told me that he is unable to find any carriers that will cover product liability for a home-based company. I know there must be some carriers out there that will, because there are thousands of similar companies to mine out there. Any suggestions?
All the companies I represent for commercial insurance do not have a problem with home based businesses per se. It all depends on exactly what service or product you are offering.
This type of insurance needs to be done by an independent local agent that specializes in commercial insurance — none of the big name companies that specialize in auto and home insurance will likely help you with this, i.e. Allstate, State Farm, etc.
You can find a local agent through the website for the Independent Insurance Agents & Brokers of America at http://www.iiaba.net/agentlocator/findagent.aspx. All you need to do is type in your state and zip code, i.e. They do not keep any of your information or farm your information to anyone. Once you type in your state and zip code, you will be able to pull up a list of agents that are local to you and review their websites, the companies they represent and their specialties so that you can choose the agent that will best serve you.
I hope this information helps and wish you the best of luck with your business.
What is the average home business liabilitly insurance monthly premium?
This would be an internet based business run out of my home, with $2000 in sales a month.
More specifically, this would be for a home based internet business that does $2000 a month in sales, in Illinois and makes no original products, but resells them. I have heard that companies who manufacturer the products hold the liability, not the reseller, is that true? Does it reduce my liability that I do not make the product I am selling?
It is absolutely not true that the manufacturer holds all the liability. If you sell the product that caused an injury, you are going to be just as liable as the manufacturer for the injury.
Lawyers are going to try to find as many deep pockets as possible, so they will do after you and whatever you have and your insurers.
So be sure to buy plenty of liability coverage.
What type of insurance would I need for a small home based custom sewing business?
To protect my own personal assets from being seized by a potential lawsuit should an accident occur at a residence or business. Thank you. Karen H.
Apologize for not enough info. My business includes installation (e.g., window treatments, etc.) at residences and commercial sites. Thanks!
Dan, I suggest you join the “sewbiz” list at quiltropolis and search the archives there, and consult with other business owners there. Good, knowledgable, supportive group that sews everything from dog booties to wedding gowns to home dec.
Health Insurance – Private vs Group Policy for small home-based business?
I am currently investigating my options for providing health insurance coverage for my family. I am self-employed and planning to register an LLC for my work as an independent contractor and my wife’s employer dropped their health care benefits earlier this year. I have several questions if anyone has experience in the area of small business and/or private health insurance.
1. Is it correct that if both my wife and I are paid employees of my LLC I would be able to qualify for a group health insurance policy for the 2 employees – even if it is just me and my wife?
2. Will we be more likely to secure better health coverage (i.e. maternity, lower deductibles, etc) with a group policy than an independent family plan?
3. Are there any prohibitive costs which would make this approach unreasonable compared to private health insurance?
Any other suggestions are welcome, I want to begin comparing rates but need some guidance first. Thanks in advance.
Thank you for the information, I will investigate this further with an agent next week. Indeed I do not know the policies in my state (Ohio) but the individual who recommended this approach to me found great benefits in Connecticut.
As a new family we can’t take the chances of not having adequate health coverage. All the private plans that I investigated required riders for maternity coverage so it would be nice to get an expert opinion.
Thank you for the new responses. The purpose of forming the LLC is to protect my personal liability in the event that a future client would take legal action against me for whatever reason. I was curious about this approach since it was suggested by someone I trust, though I was not sure it would hold up in an audit.
It seems that it might be better to just buy a private plan and then take the deduction for self employment health insurance, as long as my wife’s employer does not provide health insurance benefits. Is that a better approach?
Most companies will offer group coverage for 2 employees. It is worth looking into but don’t expect that a group plan will be any less expensive. Depending on your state regulations groups are mandated to cover certain procedures, such as mental health, that you may not want or need, which will increase the premium. Contact a local agent that can do quotes for both group and individual from a number of companies.
Group policies of fewer than 10 employees are individually underwritten and the premium is based on those results, just like with individual policies. Companies can decline to offer group policies based on those results as well. Group policies choices are limited compared to what is available with individual policies. You will not be more likely to secure better coverage because of those limitations.
You can deduct the premiums of either type on your taxes.
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