Liability Insurance

[Mojo]

I was just wondering if anyone carries business liability insurance. We have a policy that covers us for $ 2 million which includes people who visit our shop as well as covering us while doing shows.

All venues require we have a minimum of $ 1 million before we are allowed to set up at an event and have to provide them with a copy of our policy.

For those of you who have walk in customers or those of you who deliver, do you have liability insurance ? I believe our policy costs around $ 1,000 a year.

Mojo

[SteveA]

Mine is similar although I don't have coverage at the shop for customers visiting.  Mine is also 2 million and covers me on site for personal injury, property damage, and completed operations.  $ 600.00/year.
SA

[kodydog]

When we had a commercial location we had it. CYA. We once toyed with the idea of making UF-Gator chairs. Simple metal frame, seat and back upholstered in orange and blue vinyl. We even found a sunbrella type fabric, orange and blue with Florida repeated across it. We made 4 chairs and Rose called about licensing rights. They said a $1 million liability policy would be needed. We sold 3 chairs (uninsured) and donated the fourth to a church auction. We then dropped the idea.

[MinUph]

  When I first took over this business I had a couple in my sample room looking at fabric samples. All of a sudden the husband was on the floor. He had fallen right off the chair. It scared the shit out of me first for the fact I was concerned for him which he was fine. He had a dizzy spell. But after they left I realized I did not have insurance for sush a think. Now the sample room is spotless, clean neat and safe but you never know. So I called and got insurance for this sort of issue. I also later added a rider on it to cover me in case an employee or anyone stole money from my shop. My secretary has access to my world. This was for a past one that I just felt the need to have especially while I got to know them.
  Anyway I carry it and need it for some design firms as they require it along with some condos and HOAs.

[gene]

State Farm has a nice commercial policy that fits my small business well. I was with Grange Insurance for about 10 years and their prices were up 3 straight years. I went with State Farm.

My lease on my shop requires me to have insurance.

Legal fees in a law suit can be a major expense and it's good to know that insurance will cover that, especially with so many nuisance and frivolous law suits.

gene