insurance...need advise

[rubato456]

it's looking like i may be selling wholesale to a small local natural foods market. i was thinking about the need for insurance and that i should join the soap maker's guild that's i've seen mentioned that has insurance....

my husband is freaking out and says how do we know the insurance is any good, and does it cover legal fees which can be more than the liability costs themselves.

i'm so bummed out....i finally got someone to be interested in my soap and he's throwing a big blanket over the whole thing.... :cry:

does anyone know how good the insurance w/ soap maker's guild is? has anyone ever been sued and how has it turned out?

is there a better policy to get than the one they offer. expense is an issue, he is balking at spending the $480....

thx

 

[SimplyE]

Congrats on your potential!!! I looked around and got a much better price than what SG offers.

 

[dagmar88]

Sorry to say, but since you are selling on Etsy, you should already have insurance... And it's better to spend 480 now, instead of potential thousands in the past.
Taking risk is part of being an entrepreneur; but some risks are just too big too take.
A good insurance should at least cover your inventory, damage to the place where you soap, theft, liability, legal aid... Anyone here to add something I forgot?
It's best to look at numerous policies from different companies and choose one that suites you.
Good luck!

 

[SimplyE]

It's best to look at numerous policies from different companies and choose one that suites you.
Good luck!

Ditto. There are a variety of options out there, and best get different quotes!

 

[rubato456]

yes, i'll shop around. good idea! thanks

 

[MsBien]

Yes, I agree it's too big a risk to NOT have insurance when you are selling. I checked out other options through my insurance agent and they quoted me only $220 for insurance through RLI. However, when they found out that I repackage lotion and sell that too, their policy didn't cover it so I ended up with the Soapmaker's Guild insurance company's policy. I hope I never have to use it, but I did look at it and I thought it looked like it would cover what I would need.

Stacie

 

[MsBien]

Ooops, I forgot to mention that my insurance company did come back with another quote that was for $450. But, since I wanted to be a member of the orgainization anyway, I thought it was reasonable to pay $400 for the coverage. And, since it's designed to cover exactly what we do, it seems like a good choice to me.

 

[Becky]

Being in Oz means that I can't get insurance thru SG - I just got my renewal today, and it is $610, just for the insurance. At least with the SG you get membership as well.

 

[Lindy]

I'm in Canda and can't use the Guild insurance - I do have my membershiop). It took a lot of searching to even find an insurance to cover my commercial liability. I did find one and I pay about $600 a year. My house insurance will cover damage to the house should I cause damage.

Yes it's a lot of money however it's a lot more money if soemthing should happen. It's now just a cost of doing business.

Congrats on finding your first wholesale account - that is lways so exciting.

ETA - I had to fix a typo - my insurance is $600 a year....sorry about that - a dear birdie let me know I was confused....