Hi all, so I am in the process of writing a business plan (Im going to open a cake and party shop) but my question is do yall have any ideas about insurance? I know it can depend on location and all that (im in southern Iowa) but who do yall go through, what do you pay, is there anything I should specifically be looking for/asking about? Im going to call several companies and compare...just thought Id check with yall to! Thanks!
Its really a problem when people doesnt have enough insurance for their thing, this create always a problem. You can take anything like car insurance, home insurance, etc , I guess with these things only a financial planner can guide them how to manage their expenses.
orange county insurance
State Farm has a baking liability policy for about $300.00/yr. You also need to adjust your vehicle policy for deliveries. It needs to change to commercial. Next, if it is on your property, you need to change your homeowners to partial commercial based on sf used in the business. Failure to change any of these can result in denial of a claim. Only your agent can quote based on the value of your home and vehicle.
Call an agent, and one who deals in business insurance (most do). First, many companies do not deal directly with the insured .... only thru agents ... so "calling the companies" will be a waste of time. Second, if you are not well versed in what you are shopping for, you don't know what to ask for. Insurance is contract law and there is a reason agents must be tested before they are licensed to sell this stuff. I'm a former licensed agent.
Commercial Auto coverage
Equipment (properrty) coverage (fire, theft)
Loss of income coverage
Liability only may run you $300-$500. My insurance bill was over $3000 for all of the coverages I had (more than "just liability".)
Talk to an agent. Don't leave this most important part of your business on the DIY part of your list.