Zero.lol Because I make and sell slings with what I make now I'd be paying out more in insurance than what I make in a year. It's about $600/year IF one of the insurance companies will make the policy, most do not want to because of the "riskiness". I think we need some non-mainstream insurance companies out there.lol
wahms--insurance?
Hi, I'm wondering if any wahms here can tell me about their business insurance. Starting out, was it very expensive?
Also, anything else besides business liability insurance that is a *must*?
Thanks,
Also, anything else besides business liability insurance that is a *must*?
Thanks,
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does everyone have business insurance? Really why would you need it, other than protecting your goods. (I understand the need with slings)
nak,
i was thinking liability issues in case someone ever waqnted to sue me over a product i made and sold.
i was thinking liability issues in case someone ever waqnted to sue me over a product i made and sold.
Quote:
You need it in case someone decides to sue your company. If you are a sole proprietor or otherwise not a LLC or INC they can take anything you own, like your house, assets, etc. Even garnish wages if the judge sees it fit.
For example, your stitching around the sling rings pulls out. Baby falls. You get sued and lose your house. Don't include directions with a sling? Same thing maybe. You leave a pin in a diaper by accident, well, you see where I'm going with this... some people are litigation happy and will try to take what they can get. It's not a matter of whether or not you can afford insurance, its whether or not you can afford not to have it if you get sued.
Originally Posted by ObsessiveAndrea does everyone have business insurance? Really why would you need it, other than protecting your goods. (I understand the need with slings) |
For example, your stitching around the sling rings pulls out. Baby falls. You get sued and lose your house. Don't include directions with a sling? Same thing maybe. You leave a pin in a diaper by accident, well, you see where I'm going with this... some people are litigation happy and will try to take what they can get. It's not a matter of whether or not you can afford insurance, its whether or not you can afford not to have it if you get sued.
then you are pretty safe if you don't "make" your products?
I agree some people are sue happy. Like I said I understand the sling issue, but I never considered the needles issue.
I agree some people are sue happy. Like I said I understand the sling issue, but I never considered the needles issue.
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No, you are not safe. Even if you sell a product i.e. a toy or a personal care product made by another company, you can still be sued by a consumer who used the product bought from you. Generally, if somebody is sueing they will file suit against everybody in the supply chain that got the product to them i.e. the manufacturer, the distributor/wholesaler, the end-retailer and whoever else might have a smidgeon of liability. Even if you as the retailer are dropped from the suit(probably cuz your not the big fish with the big money) you are still out a lot of cash for lawyer and consulting fees.
I got a quote once from a major insurance supplier which was $10,000 a year because the end user of my products are children. Compare this to a quote I got for $700/year for operating tours in Mexico. Needless to say when I got the first wopper of a qoute I almost fainted!
I have insurance that covers loss of business related things i.e. my computer, inventory etc. This is wrapped up in my renters insurance policy.
Originally Posted by ObsessiveAndrea then you are pretty safe if you don't "make" your products? I agree some people are sue happy. Like I said I understand the sling issue, but I never considered the needles issue. |
I got a quote once from a major insurance supplier which was $10,000 a year because the end user of my products are children. Compare this to a quote I got for $700/year for operating tours in Mexico. Needless to say when I got the first wopper of a qoute I almost fainted!
I have insurance that covers loss of business related things i.e. my computer, inventory etc. This is wrapped up in my renters insurance policy.
Quote:
So then you don't have liability insurance?
Originally Posted by ma2maya . I got a quote once from a major insurance supplier which was $10,000 a year because the end user of my products are children. Compare this to a quote I got for $700/year for operating tours in Mexico. Needless to say when I got the first wopper of a qoute I almost fainted! I have insurance that covers loss of business related things i.e. my computer, inventory etc. This is wrapped up in my renters insurance policy. |
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At the momemt I do not. I would prefer to do business with it but if I had it I couldn't afford to be in business. Of course, the down side of it is that if something happens I am SOL.
When my tour business is up and running I will definately have liability insurance in place because a) it is relatively affordable and b) there is a greater likelihood of problems(travel interruptions etc) that I would need coverage for.
Not having coverage is definately not the best way to do business. I would suggest that if you find an affordable policy, take it.
Originally Posted by ObsessiveAndrea So then you don't have liability insurance? |
When my tour business is up and running I will definately have liability insurance in place because a) it is relatively affordable and b) there is a greater likelihood of problems(travel interruptions etc) that I would need coverage for.
Not having coverage is definately not the best way to do business. I would suggest that if you find an affordable policy, take it.
Oh wow, I never even thought about this. I dont have any either. If I have to get insurance then its not worth it to be a wahm AT ALL. Especially 10K........why would I PAY to do work? AHAHAHAHAHAHA
I dont have it either. The qoute was more than I make. I do feel a little more safe because the people who buy our product are usually crunchier more natural people who IMO would be less likely to sue to begin with. KWIM? Doesnt protect us from all teh sue happy people though and thats why I just make sure all my products are well madewith no flaws and include directions. Besides I dont have any 'real' wages and I dont own anything.
I have liability insurance. I pay about $250 a year for it. It is a "craft-based" insurance...so my inventory (retail) and the items I make are covered.
I searched for weeks to find a company that would insure me. This specific one handles crafters...
I didn't want to start business without it. I'm the paranoid type LOL. I am also originally from California (SF) and I know how sue-happy people can get...LOL
It's all in your comfort level....
I searched for weeks to find a company that would insure me. This specific one handles crafters...
I didn't want to start business without it. I'm the paranoid type LOL. I am also originally from California (SF) and I know how sue-happy people can get...LOL
It's all in your comfort level....
Do you think insureance for "crafters' would cover sling makers as well? It is craft that we do. I started as a hobby. Who do you go through if you dont mind me asking?
I actually retail slings, and my insurance company almost didn't want to insure me because they "thought" I was making them. I had to actually show Maya Wrap's rider insurance for them to approve so I can be covered.
I'm PM'ing you the info on the insurance company right now...
![]()
They are local (NY)...I had to go through an insurance broker to get them...
I'm PM'ing you the info on the insurance company right now...
There is a safety issue(babies falling out) with slings and that's why most insurance companies will not give insurance or the cost is high for it.
1 - 17 of 17 Posts
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