Is there any downside to being named as an additional insured on the insurance policy of a contractor or it is actually a good business practice.
Edmonton area Realtor
Entrepreneurship & Small Business
Apr 12th, 2019 9:57 pm
Apr 13th, 2019 3:44 pm
Well do you plan to do this on a regular basis? If part-time, you can talk to your home insurance company and see if they will allow some business from home. Best protection only comes with a proper commercial liability policy. Think about someone falling or getting hurt on your property. Injury while performing and or house damage due to business in home.
Apr 13th, 2019 3:48 pm
They are simply selling coverage to avoid claiming damages from renter's insurance policy. Rental company has coverage for their own vehicles and deductible may vary.I RFD wrote: ↑ Sorry I don't follow since I'm not familiar with the insurance product used by parcel shipment companies. Perhaps I should be more clear, does the car rental company pay for an insurance product which provides full insurance coverage for every single renter that rents their car everytime the car is rented, regardless if the the renter opts in or out of buying daily car insurance in their rental agreement , or does the car rental company pay for an insurance product which only provides coverage to the renter based on/ contingent on whether the renter opts in or out of buying daily car insurance in their rental agreement ? I am asking as I'd like to know what type of insurance products are available to the owner of a car rental company. I am only aware of the former, which is very expensive. If the latter option did exist, I would suspect it would be cheaper. Thanks in advance.
Apr 13th, 2019 7:38 pm
Just seems like a lot you quoted above for my wife to have 1 chair and do clients from the home (hairdresser). I would want her to be busy as possible but starting out any business is full-time job regardless of little income if any. Hard to answer insurance companies questions as everything is 0 income 0 clients .......Insurance-Broker wrote: ↑ Well do you plan to do this on a regular basis? If part-time, you can talk to your home insurance company and see if they will allow some business from home. Best protection only comes with a proper commercial liability policy. Think about someone falling or getting hurt on your property. Injury while performing and or house damage due to business in home.
Apr 13th, 2019 8:07 pm
Not really, as I assume you are covering yourself from the actions of the contractorcanuckstorm wrote: ↑ Is there any downside to being named as an additional insured on the insurance policy of a contractor or it is actually a good business practice.
May 2nd, 2019 11:02 pm
You have to estimate income for the first year.lilmikey wrote: ↑ Just seems like a lot you quoted above for my wife to have 1 chair and do clients from the home (hairdresser). I would want her to be busy as possible but starting out any business is full-time job regardless of little income if any. Hard to answer insurance companies questions as everything is 0 income 0 clients .......
Jun 21st, 2019 3:50 pm
Jun 25th, 2019 7:49 pm
Insurance-Broker wrote: ↑ You have to estimate income for the first year.
Sep 20th, 2019 3:49 pm
Nov 29th, 2019 10:38 am
Jan 24th, 2020 6:23 pm
I have stumbled into a small hobby business recovering in demand parts from scrapped Vehicles, electronics, and appliances. What I don't piece together for myself, I am selling to DIYers in the US and Canada. Mainly sales are through Kijiji, FB Market Place, and Ebay. I am running out of storage space and would like to rent a small workshop or share space with another business. What kind of Insurance should I consider obtaining? I guess my main concern is jeopardizing my personal assets in the case of a law suit all because of my little recycling hobby (under 20k a year in sales)... Any assistance is greatly appreciated! JTInsurance-Broker wrote: ↑ Most businesses don't think about getting insurance or don't know what type of insurance they should get.
A brief overview:
Liability Insurance - Every business should have a Liability policy! Protects you in the event you get sued.
Property coverage - Including your stock, equipment, building, boiler & machinery, etc.
Commercial Auto - Vehicles used for business
Special coverages, such as Errors & Emissions, product liability, completed operations, etc.
Surety or Bonds.
Jan 31st, 2020 8:17 pm
I am not sure what you do. May be start with incorporating your business and than get liability insurance.jtsgaragesale wrote: ↑ I have stumbled into a small hobby business recovering in demand parts from scrapped Vehicles, electronics, and appliances. What I don't piece together for myself, I am selling to DIYers in the US and Canada. Mainly sales are through Kijiji, FB Market Place, and Ebay. I am running out of storage space and would like to rent a small workshop or share space with another business. What kind of Insurance should I consider obtaining? I guess my main concern is jeopardizing my personal assets in the case of a law suit all because of my little recycling hobby (under 20k a year in sales)... Any assistance is greatly appreciated! JT
Jan 31st, 2020 8:19 pm
Commercial business is getting hard these days so no surprise. Insurance premiums can vary depending on the appetite.RudyH52385 wrote: ↑ Can you confirm the following:
I've reached out to two commercial insurance brokers regarding a quote for general business insurance (Liability and Errors and Omissions) for a company I am in the process of forming. This company will sell, install and service equipment provided by a Chinese manufacturer. First year sales I hope will be in the $500k range. I hope to have 3 employees.
First broker did not call be back. Second broker asked if any other brokers had been contacted and when I asked him why he said when multiple brokers are placing requests for quotes to insurance companies, the insurance company will respond back only to the first request received and will not reply to later requests from other brokers. So I have not followed up with another broker at this time.
The second brokers has told me most companies are not interested and not responding. He's telling me the premiums will be in the $25,000 /yr range. And it's been a week and a half and still not one quote.
Can you confirm that a) the commercial insurance business is just not that hungry for business? and b) does $25,000/yr for a start-up small business sound about right?
Thanks
Feb 2nd, 2020 11:36 am
Feb 2nd, 2020 9:03 pm
You can get insurance for your business separately and include those trade shows.Tutter wrote: ↑ I have an online side-business where I sell clothing. In order to set up a table at various venues, I am required to have insurance. My questions are:
1: Should I have insurance for an online clothing business? My home insurance company is aware that I run a home-based business - the only thing I have here is clothing that I ship out, no customers come to my residence;
(registered business name, going for Fed Inc shortly (lower cost, better protection of trademark (I have one registered, two going through the process for my products)
2: If yes, what type of insurance should I be looking at?
3: Can you make a recommendation to insurance where I set up a table at trade-shows and the like
Thanks in advance!
Jan 14th, 2021 1:15 pm
Jan 14th, 2021 7:16 pm
do you work in BC? I'm having a tough time finding reasonable rates for a start up company. CGL is half decent but E&O through the roofInsurance-Broker wrote: ↑ Most businesses don't think about getting insurance or don't know what type of insurance they should get.
A brief overview:
Liability Insurance - Every business should have a Liability policy! Protects you in the event you get sued.
Property coverage - Including your stock, equipment, building, boiler & machinery, etc.
Commercial Auto - Vehicles used for business
Special coverages, such as Errors & Emissions, product liability, completed operations, etc.
Surety or Bonds.
Jan 15th, 2021 1:04 am
Why has income become so important lately?Insurance-Broker wrote: ↑ You have to estimate income for the first year.
Jan 15th, 2021 9:17 am
It would depend a bit on the product that you are producing/selling. Also annual revenues, etc. A basic startup policy can be as low as $1,500 a year.
Jan 15th, 2021 9:19 am
No sorry. E&O rates have increased a lot as with most other commercial business.oakjefferson wrote: ↑ do you work in BC? I'm having a tough time finding reasonable rates for a start up company. CGL is half decent but E&O through the roof
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