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Insurance (post #157581)

MichaelDavid on Fri, 10/08/2010 - 13:20 (updated 10/08/10 - 10:43)

Business

I am going to open a small store in an 'Open" store to sell my woodworking furniture and my wife's stained glass. I would like to buy insurance in case anyone drops a window and gets cut or sues me for a splinter they get from a picture frame. Anyone with a suggestion of an insurance company. I am in Pennsylvania.

You're better off soliciting (post #157581, reply #1 of 5)

by DonStephan in reply to MichaelDavid [original] on Fri, 10/08/2010 - 17:02

You're better off soliciting suggestions from woodworking and glass businesses in your immediate area. Of course, get several quotes and compare closely the recommendations of each.

Insurance (post #157581, reply #2 of 5)

by RalphBarker in reply to MichaelDavid [original] on Tue, 10/12/2010 - 07:05

You might also talk to your current insurance agent, with whom you have your homeowner's policy. Often, they offer businesss umbrella packages at reasonable rates. The risk, however, is that a claim on the business policy might also affect your homeowner's policy.

I am a Farmer's agent in (post #157581, reply #3 of 5)

by MikeIke in reply to MichaelDavid [original] on Sat, 11/06/2010 - 11:33

I am a Farmer's agent in Illinois, so I cannot do anything for you but offer suggestions. You are essentially in a retail space, and so long as you are not doing anything woodworking there, your risks are as a merchant. Those are pretty good rates at Farmers. You will need to consider whether you are listing your wife as an employee, whether your vehicle is to be insured commercially, workman comp, how much inventory you are protecting, what your commercial landlord covers, your general liability (business owner policy) and whether business life makes sense. Another person posted that an endorsement on your home policy is possible, and I agree, though he also cites a risk that I agree with. Your local agent should be the guy to sort out all this with you. Good luck!

Insurance (post #157581, reply #4 of 5)

by Jfrostjr in reply to MichaelDavid [original] on Sun, 11/07/2010 - 07:26

As a S.C.O.R.E. counselor, I advise all of my 'clients' to seek insurance bids from an INDEPENDENT* insurance agent. They will shop your needs to a variety of insurers, making sure you get the broadest range of options.

Frosty

* Not AAA, All State, etc.