HSCG for comparison
http://www.soapguild.org/membership/insurance-faq.php
About the Insurance Coverage
How much does the insurance cost?
The insurance is included in the membership benefits for Professional Members. A Basic Professional Membership in the HSCG is $520.00 per year..
What is the coverage?
This is a Commercial General and Product Liability policy. The base limits are:
$1,000,000 General Aggregate Limit
$1,000,000 Products-Completed Operations Aggregate Limit
$1,000,000 Personal and Advertising Injury Limit
$1,000,000 Each Occurrence Limit
$300,000 Damage to Rented Premises Limit
$5,000 Medical Expense Limit
Business Personal Property coverage includes "miscellaneous property of a floating nature". It basically covers "tangible property you own or is in your care, custody or control", like when you go to a show or have items on consignment in a store. The limits are:
$1,000 Maximum payout per any one Item
$5,000 Total
$100 Deductible
Identity Theft coverage limits are:
$15,000 Aggregate Limit
$250 Deductible
.
Can the limits be increased?
Yes. Please see coverages and costs below:
Increased Liability - The insurance company offers an additional $1 million in coverage (making it $2 million total). The additional coverage is optional and is being offered because some fairs/shows and wholesale buyers require $2 million in liability coverage. When you sign up, you will be given an option to purchase the increased insurance. The cost is $55.00 per year.
Professional Liability - If you teach soapmaking in a professional capacity, you can get additional professional liability coverage that will cover you if a person claims that what you taught them caused damage or liability of some kind. The cost of the professional liability insurance endorsement is $135 per year.
Additional Business Personal Property Insurance - If you need additional property insurance (over the $5,000 already included) you can increase the limits. Up to $10,000 in coverage is an additional $75; up to $20,000 is $125; and up to $30,000 is $175. Higher amounts are also available, but that would require an application process. Contact Veracity Insurance if you want to increase your property insurance limits above $30,000..
