Insurance coverage levels

[houseofwool]

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.

 

[lsg]

I think that sounds reasonable.

 

[Badger]

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...

 

[pjfan74]

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

 

[houseofwool]

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.

 

[Moonshea Botanicals]

Sorry if I missed something. What does RLI mean?

 

[houseofwool]

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

 

[Moonshea Botanicals]

what website did you use?

 

[houseofwool]

I did a google search for RLI soapmakers insurance.

 

[Moonshea Botanicals]

RLI is based in New York. LOL

 

[melstan775]

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

 

[paillo]

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

 

[melstan775]

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.

 

[Moonshea Botanicals]

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.

 

[paillo]

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

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

 

[Moonshea Botanicals]

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

 

[paillo]

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

 

[houseofwool]

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*

 

[melstan775]

I am taking this from the prefab quote.

If I accept everything it would have been $822

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.

 

[Moonshea Botanicals]

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.