# Insurance coverage levels



## houseofwool (Mar 19, 2013)

Eventually, I am hoping to sell my soaps (if only to cover costs so I can continue to play!) and am curious about what your coverage levels are.

I was looking at a rate quote from RLI, and as it stands, without making any adjustments, the premium is $160, which seems pretty reasonable.

According to the form: "The Basic Plan   (base rate) includes: $5,000 Business Personal Property on premises or   temporarily off premises, $300,000 Business Liability, Business Income, $10,000 Electronic Data protection, and $250 Deductible.

I have no dreams that this will be a money maker for me and don't envision that sales would exceed $5000 for several years, I am thinking that the default settings seem okay.  But I am curious what the experts think.


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## lsg (Mar 19, 2013)

I think that sounds reasonable.


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## Badger (Mar 19, 2013)

Yeah, that does sound reasonable to me.  I would like to try to eventually sell my soap to help pay for the cost of making it (but that is going to be a long way off).  It may be something I can eventually manage if I can find something that low around here...


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## pjfan74 (Mar 19, 2013)

I am in the search for insurance myself, what category on RLI did you look under?


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## houseofwool (Mar 19, 2013)

home business insurance.  Then, on the form to do the quote, I selected Personal Care Products. 

I just realized that I hadn't selected the appropriate category from their drop down menu, but the revised premium is still only $180.  There is also a category for Beauty Supplies which is what I had before.


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## Moonshea Botanicals (Mar 19, 2013)

Sorry if I missed something. What does RLI mean?


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## houseofwool (Mar 19, 2013)

Heck if I know. But their policy seems pretty reasonable.


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## Moonshea Botanicals (Mar 19, 2013)

what website did you use?


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## houseofwool (Mar 19, 2013)

I did a google search for RLI soapmakers insurance.


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## Moonshea Botanicals (Mar 19, 2013)

RLI is based in New York. LOL


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## melstan775 (Mar 19, 2013)

/me snorts and rofl.   The sample rate sheet lists Jeff Spicolli as the applicant. That is so totally awesome!


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## paillo (Mar 19, 2013)

My annual premium is $223 for $1 million in coverage, which I think is pretty much the standard. http://rlicorp.com/index.asp

I've gone through Chris Alexander,  he's great to work with and has been on board for some time.

Christopher A. Alexander
Senior Direct Sales Agent, Specialty Markets
RLI Insurance Company
Phone: 309 692 1000 ext: 5481
Toll Free: 866 741 6560
Fax: 309 689 2223
[email protected]
www.rlicorp.com


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## melstan775 (Mar 19, 2013)

What is the money/securities coverage they offer with that plan. I don't think I've ever been asked if I wanted such a thing on any insurance I've carried.


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## Moonshea Botanicals (Mar 19, 2013)

houseofwool said:


> home business insurance.  Then, on the form to do the quote, I selected Personal Care Products.
> 
> I just realized that I hadn't selected the appropriate category from their drop down menu, but the revised premium is still only $180.  There is also a category for Beauty Supplies which is what I had before.



Mine would be $233, if I am reading this right.


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## paillo (Mar 19, 2013)

Moonshea Botanicals said:


> Mine would be $233, if I am reading this right.



I declined the terrorism insurance, which might be the difference...


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## Moonshea Botanicals (Mar 19, 2013)

paillo said:


> I declined the terrorism insurance, which might be the difference...



I am taking this from the prefab quote.





If I accept everything it would have been $822


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## paillo (Mar 19, 2013)

Yow, that would be crazy expensive! I can't seem to expand your image enough to be able to read it though


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## houseofwool (Mar 19, 2013)

Even if I increase it to 1MM in coverage the rate is still only $220 a year.  I'm guess it has to do with location. And actuarial tables and other interesting things... *eyeroll*


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## melstan775 (Mar 19, 2013)

Moonshea Botanicals said:


> I am taking this from the prefab quote.
> 
> 
> 
> ...



you don't need to accept everything though. Turn down garage insurance and things related to it. Unless you're going to start parking cars or changing oil out of your own garage, you don't need it.


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## Moonshea Botanicals (Mar 19, 2013)

melstan775 said:


> you don't need to accept everything though. Turn down garage insurance and things related to it. Unless you're going to start parking cars or changing oil out of your own garage, you don't need it.



right...but BASIC for me in New York would be $233. When I go up to 1M coverage it jumps to $293. I hoping that this quote is a yearly price. Cause if it's a monthly price I am gonna cry.


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## Moonshea Botanicals (Mar 19, 2013)

paillo said:


> Yow, that would be crazy expensive! I can't seem to expand your image enough to be able to read it though


for everyone that wants to take a peek, ya gonna have to expand it:
http://img.photobucket.com/albums/v109/Valynn/insurancequote.jpg


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## soapsydaisy (Mar 19, 2013)

I am having a ding bat moment, how do you fill out the quote form?


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## Moonshea Botanicals (Mar 19, 2013)

soapsydaisy said:


> I am having a ding bat moment, how do you fill out the quote form?



http://www.rlicorp.com/Products/IBP/buy.asp

Click on "see rates". It will open another page...follow instructions. It should give you a quote for your state.


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## paillo (Mar 20, 2013)

And the rate is annually, not monthly


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## RocknRoll (Mar 20, 2013)

YAY!!! I just got insurance yesterday with RLI and it was so easy. Im insured up to 1M and it's only $207 per year as long as my sales dont go over $5,000 (in one years time) which is fine for now. Im sooo close to opening my etsy shop! Only a few more kinks to work out :mrgreen:


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## melstan775 (Mar 20, 2013)

Yay RR!!  So excited for you. . Wondering where you had been. Make sure to let us know when you're open!


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## marghewitt (Mar 20, 2013)

paillo said:


> My annual premium is $223 for $1 million in coverage, which I think is pretty much the standard. http://rlicorp.com/index.asp
> 
> I've gone through Chris Alexander,  he's great to work with and has been on board for some time.
> 
> ...


 

I have insurance through the same guy. It's about $230 for me for the year but I am going to have to find another insurance soon. RLI won't cover anything I make using my own wax or honey from our apiary. It's funny too cause my web site is: www.soapandhoney.com We are shopping now so we can sell honey starting at the end of the summer.


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## RocknRoll (Mar 20, 2013)

melstan775 said:


> Yay RR!!  So excited for you. . Wondering where you had been. Make sure to let us know when you're open!


 I will! I've been soooo busy with work and designing my brochures. Ran ino printer problems not printing them all the way to the edges so the back ground picture and part of the wordage gets cut off. Working out all the kinks and making sure the labels are correct with spelling and such has taken forever and im not even done yet lol! Today i am making soap, its been two weeks since my last batch and I am having withdrawls!


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## melstan775 (Mar 20, 2013)

We've been havin withdrawals from your soap too!  .


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