Small Shop Insurance?

[Blacknbart]

Hello,

Looking for Insurance costs for a Garage type small business. Any suggestions of what kind of insurance? Product and or Liability? Maybe both?

[dlcw]

You will want the following:

1. Personal property damage loss (tools)
2. Building damage or loss (facility)
3. Blanket product liability

I am NOT an insurance agent but these are the main things my agent talked with me about. As you get more established there are other things you can add like salary compensation in case you are injured, work continuation in case your main facility is damaged beyond use, product inventory coverage, raw material inventory coverage, etc., etc.

The best advice is to talk with an independent insurance broker to find out what is best for you and your situation.

[gene]

Good luck finding someone to write a policy , and make sure to be seated firmly in a good chair with seat belts when they quote the price

[dlcw]

Look for a broker that handles business insurance. I have full coverage on everything including lost wages and my annual premium is about $1200. This includes $5M product liability coverage.

Talk with other business owners in your area and find out where they have there insurance set up. Going to your family insurance agent is not the way to approach business insurance as it is a totally different animal.

[michael_schwartz]

Shop around, and look for an agent that is enthusiastic about insuring wood shops, and knows which providers understand what your doing. Ask around locally, and see who other similar business use.

I switched polices this year and saved a good bit of money and eliminated restrictions that I had preventing me by contract from manufacturing children's furniture or bar stools.

A few things they like and are going to require are typically dust collection, approved flammables cabinet, fire extinguishers etc...

I have general liability, including property insurance, as well as product liability.

[Blacknbart]

Thanks for the info! I was going to call State farm, Allstate and the like, but I need to go further. Dig down and find a wood shop savvy agent. I'll keep on hunting!

Any other clues please let me know. I appreciate the help!!

Bart

[bleeth]

Go to the website of the local commercial contractors and/or builders association(s) like ABC and look for insurers in their membership directory. Those are agents that are usually dedicated to that type of insurance.

[jerry_stanek]

My agent used Erie Insurance for my business. I had a different company when I first started out but the kept raising the rates and wanted all kinds of extra add ons.

[chrisb]

Erie was the only company that I found to insure my shop and the rates were reasonable.

[dragginbutt]

Don't expect a company that is geared to sell you home/auto insurance to even know how ot spell Business insurance. They are two different animals.. so look for a business oriented insurance carrier. there are a lot of factors you need to educate yourself on that go beyond liability, tools and building. What about liability if you are delivering something that a customer has paid for? Most policies need a seperate rider. You could fill a book with all the terms and special cases that they charge you for..