Aussie Soap Makers - Insurance ?

[craftykelly]

I am just reviewing my PL insurance and was wondering if this sounds like a reasonable price?

$5m cover for $847/yr This also covers for markets etc.

Cheers,
Kelly

 

[Lynnz]

Sydney Essential oils were advertising an insurance company that was providing 10 million for 600.00. I thnk 10 million is what you need to be doing markets (public liability protection)

 

[craftykelly]

ohhh thankyou I will check them out before I do anything

 

[Bubbles Galore]

ohhh thankyou I will check them out before I do anything

Did you get around to checking them out Kelly?

http://www.seoc.com.au/service.asp?id=255

 

[craftykelly]

Oh yes I did, I ended up going through them

 

[waychie]

Oh yes I did, I ended up going through them

Im so glad they insured you!

I was enquiring to them and they said they wouldn't cover me :?
Because my soaps aren't 100% natural, I use fragrance oils and colours etc as well as essenial oils. Did you have any problems with this aspect? I'm still confused as to why they wouldn't insure me..

 

[Lynnz]

Yes it is very confusing I rang about insurance two days ago and they asked me to estimate sales............I probably overestimated bigtime but went for 10,000 per annum (dreaming here ) and they quoted me 1,400 per annum!!!!!! Cripes between NICNAS and insurance I would probably only cover those costs and nothing more!!!!!!
Edited to add, I want to set up an etsy account as a starting point but not keen on doing so without some insurance cover

 

[ChrissyB]

There's not much incentive when these basic expenses are so expensive is there?

 

[Lynnz]

Makes it really difficult to do as a sideline, for myself I have a hefty mortgage and 2 growing kids so cannot do less than four days a week at work, I am going to see if a broker can search out a better deal.

 

[craftykelly]

Oh yes I did, I ended up going through them

Im so glad they insured you!

I was enquiring to them and they said they wouldn't cover me :?
Because my soaps aren't 100% natural, I use fragrance oils and colours etc as well as essenial oils. Did you have any problems with this aspect? I'm still confused as to why they wouldn't insure me..

Ahhh yes I was knocked back at first but argued with them and as I only use a very small percentage of non-natural they are fine with that as long as I don't go over the set % they outlined on the policy cover. Tell them how much % you use in colour/fragrance and/or preservative (they don't mind optiphen plus). Good Luck.


Yes, it is very expensive (all the costs involved) but I hope to make this our familys livelyhood one day....

 

[Bubbles Galore]

So how do they want you to make your soap? With essential oils rather than fragrance oils or none at all? Clays for colour rather than artificial colours? I'd like to get a better idea please Kelly.

When asking for a quote, how much should I say I'm turning over? It's currently $0 as I'm not selling and won't sell until I have insurance. Would $5000 get me a $600 quote? I don't want to be quoted $1400 per annum like Lyn was. :wink:

 

[craftykelly]

I will PM you Jenny

 

[goddessbec]

so i am just selling mine to friends at the moment, but thinking opening up an on line store through art fire or etsy, will i still need insurance of some sort if i'm not doing markets?

(though i would eventually like to do some markets)

Thats a lot of money

 

[Becky]

The general rule of thumb is that if you are selling your soaps, you need to be insured. It has less to do with where you're selling, and more to do with the fact that everyone's skin is different. If someone has a reaction (or 'says' they did) to one of your products & decides to sue you over it, can you afford the costs involved with that?

 

[goddessbec]

i found a link on the aussiesoapsupplies to some PL insurance which seemed quite reasonable, im thinking that it would be Product Liability that we would need also to cover for the actual products, if people get reactions etc... i will hopefully get a moment to call the insurer today and find out more (busy day in the real world )

 

[Lynnz]

I phoned them yesterday and was promised a quote by email today for public/product liability. I had to estimate sales so plucked a figure of 5,000. Will post more when I recieve the quote!!!!!!

 

[Chemical_x]

Just curious how you went Lyn I'm about to do the same thing.

 

[Bubbles Galore]

Still haven't got round to chasing this up. Any recommendations? What records do insurance companies ask you to keep in case of a claim? :wink:

 

[nattynoo]

I just saw this thread, I know its a fw months old but wanted to see how everyone got on with their insurance.
After reading, makes u wonder how many soap makers are out there with no insurance cause those prices are huge aren't they. When I go to the markets there are CP soapers everywhere.
Alot of business's I see use colours/pop micas etc & fragrance oil so I'm wondering how on earth they would get cover.

 

[whyinsure]

Insuring your income is the key to ensuring your continued lifestyle. What would happen to your quality of life if you could not work for a year due to an accident or sickness?