Liability Insurance

Business By momma28 Updated 19 Jun 2009 , 2:31am by momma28

momma28 Posted 17 Jun 2009 , 1:59pm
post #1 of 16

Just wondering if you think this quote is good. I am a home based baking business and deliver most of my cakes (one in 40 might be close enough to me to pick it up, i live in a very rural area)

$300,000 liability
$600,000 agrigate ( means they will pay up to 2 $300,000 claims in a given year)
$10,000 Medical (if someone gets hurt at my house picking up a cake but it was their own fault and I am admitting no liability but want to pay their bills, thats how my agent described it at least)

$350 per yr

It is with Hartford insurance so its not a nobody company.

Just wanted some opinions , thanks icon_smile.gif

15 replies
leepat Posted 17 Jun 2009 , 2:03pm
post #2 of 16

That is the same policy that I have and I pay the same.

cakemaker30 Posted 17 Jun 2009 , 3:06pm
post #3 of 16

I have 1,000,000 liability
10.000 medical
2,000,000 agrigate
I also have additional coverage for money loss (robbery), food (power outages), and a few other things I can't remember right now that can really come in handy if you ever need them. Hopefully I won'ticon_smile.gif
I pay $225 a year with State Farm.

momma28 Posted 17 Jun 2009 , 4:01pm
post #4 of 16
Quote:
Originally Posted by cakemaker30

I have 1,000,000 liability
10.000 medical
2,000,000 agrigate
I also have additional coverage for money loss (robbery), food (power outages), and a few other things I can't remember right now that can really come in handy if you ever need them. Hopefully I won'ticon_smile.gif
I pay $225 a year with State Farm.




Wow can I have the name of your agent? icon_smile.gif

indydebi Posted 17 Jun 2009 , 4:55pm
post #5 of 16

A lot of venues require that vendors carry a $1million policy, so you might want to consider that. So if you have only $300,000 liability, they won't let you deliver and your bride has no cake.

cakedesigner59 Posted 17 Jun 2009 , 11:56pm
post #6 of 16

I have $1 Million, $2 Million Aggregate, but only $5,000 medical. I pay $248 per year.

momma28 Posted 18 Jun 2009 , 12:59am
post #7 of 16

wow make my quote sound high. Interestingly enough my agent called me today to say that the $500,000 liability with the 1 million agrigate and the 10,000 medical came in at the exact same $350 premium. She said hartford has a premuim minimum of $350.

I would love to know your agents names gals. Finding 1 million at $250 a year would be a blessing.

cakemaker30 Posted 18 Jun 2009 , 11:12am
post #8 of 16

Yeah my agent told me that State Farm has a minimum premium on commercial liability policies of $225 (most companies do) so he got me the most coverage that he could for that price. I would think you should be able to call any State Farm agent and get a quote like that. Most agents are only allowed to write in their state so unless you're in Ohio I don't think my agent could help youicon_smile.gif

cakedesigner59 Posted 18 Jun 2009 , 12:01pm
post #9 of 16

My advice is to call an independent insurance agent. They can shop around and get you the best coverage for the best price. State Farm agents can only sell State Farm, Nationwide Agents can only sell that, etc.

indydebi Posted 18 Jun 2009 , 1:01pm
post #10 of 16
Quote:
Originally Posted by cakemaker30

Most agents are only allowed to write in their state so unless you're in Ohio I don't think my agent could help youicon_smile.gif


Not "necessarily" true. A lot of agents are multi-state licensed. When I worked for CIGNA, I handled the account of an agent who was licensed in all 50 states, so I had to know the laws for all 50 states to be able to process his work. A lot of border-agents (i.e. their office is on the border of two states) will be multi-state licensed because of the cross-over. For example, my hometown of Richmond, Indiana is about 6 feet from the Ohio state line and lots of the folks on the Ohio side travel to Richmond for work and shopping. Many insurance agents and realtors are licensed in both states, otherwise they'd lose a lot of potential business.

momma28 Posted 18 Jun 2009 , 2:39pm
post #11 of 16

Im waiting for the state farm agent to call me back but in the meantime my other agent called and said that the 1,000,000 liability with the 2,000,000 agrigate is also $350 LOL She says it is still under hartfords minimum premium policy. Lesson learned, always ask for more.

Waiting to see what state farm says.

cakemaker30 Posted 18 Jun 2009 , 2:58pm
post #12 of 16
Quote:
Originally Posted by indydebi

Quote:
Originally Posted by cakemaker30

Most agents are only allowed to write in their state so unless you're in Ohio I don't think my agent could help youicon_smile.gif

Not "necessarily" true. A lot of agents are multi-state licensed. When I worked for CIGNA, I handled the account of an agent who was licensed in all 50 states, so I had to know the laws for all 50 states to be able to process his work. A lot of border-agents (i.e. their office is on the border of two states) will be multi-state licensed because of the cross-over. For example, my hometown of Richmond, Indiana is about 6 feet from the Ohio state line and lots of the folks on the Ohio side travel to Richmond for work and shopping. Many insurance agents and realtors are licensed in both states, otherwise they'd lose a lot of potential business.




I'm right in the middle of the state so I didn't really think about border agentsicon_smile.gif That makes sense though.

momma28 Posted 18 Jun 2009 , 7:56pm
post #13 of 16

OMGoodness I am so excited. I called my local state farm agent. I gt a 1,ooo,ooo liability 2,000,000 agrigate, 5,000 medical, 2500 business equipment policy for...drum roll please....$175 a year icon_smile.gificon_smile.gificon_smile.gificon_smile.gif If you live in VA and want her name PM me.

Yay, thats a weight off of my shoulders.

ziggytarheel Posted 18 Jun 2009 , 8:04pm
post #14 of 16
Quote:
Originally Posted by cakedesigner59

My advice is to call an independent insurance agent. They can shop around and get you the best coverage for the best price. State Farm agents can only sell State Farm, Nationwide Agents can only sell that, etc.




Sorta.

Many such agents also have a broker's license and can write with other companies at certain times, usually when their company won't write the business.

Destinys_Delights Posted 18 Jun 2009 , 11:38pm
post #15 of 16

I went though this with you today icon_biggrin.gif . I am trying to get my home business started. My inspection is Monday icon_surprised.gif . I got my quote today with State farm and it was $225.00 for the 1,000,000 policy. so I guess you got lucky with your quote, and good luck with your business.

momma28 Posted 19 Jun 2009 , 2:31am
post #16 of 16
Quote:
Originally Posted by Destinys_Delights

I went though this with you today icon_biggrin.gif . I am trying to get my home business started. My inspection is Monday icon_surprised.gif . I got my quote today with State farm and it was $225.00 for the 1,000,000 policy. so I guess you got lucky with your quote, and good luck with your business.




Good luck Monday!!! Im sure it will go fine and then you can breathe a sigh of relief icon_biggrin.gif

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