Entrepreneurship & Small Business

Ask me anything about Business or Commercial Insurance!

Member
User avatar
Mar 20, 2006
210 posts
33 upvotes
Kamloops
My wife recently began teaching music lessons from home. She uses a bedroom as a studio and teaches out of that room. She has been increasing her student base and is now looking at some liability insurance. What is she looking at to get this done both cost and difficulty wise. Is liability even required for this sort of arrangement?

She teaches about 12 students per week over 3 days. She has a valid licence for a home music lessons in the city we live.

Thanks!
[OP]
Sr. Member
User avatar
Jan 8, 2009
791 posts
63 upvotes
GTA
'SilverBane[GL wrote:;24862481']My wife recently began teaching music lessons from home. She uses a bedroom as a studio and teaches out of that room. She has been increasing her student base and is now looking at some liability insurance. What is she looking at to get this done both cost and difficulty wise. Is liability even required for this sort of arrangement?

She teaches about 12 students per week over 3 days. She has a valid licence for a home music lessons in the city we live.

Thanks!
Basic liability would be sufficient. About $750 a year.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Newbie
Jan 23, 2016
10 posts
2 upvotes
Edmonton, AB
Hello
We are opening small fast food and I'm confused about the kind of business insurance we need. Any help would be much appreciated. We would like to have $2 million liability insurance per incident, for sure and loss of business due to unforeseen circumstances. Is there anything else we should insure? What about equipment and inventory? Also what would be average annual premium?
Thanks
[OP]
Sr. Member
User avatar
Jan 8, 2009
791 posts
63 upvotes
GTA
GourmetLibrary wrote:
Jan 26th, 2016 2:13 am
Hello
We are opening small fast food and I'm confused about the kind of business insurance we need. Any help would be much appreciated. We would like to have $2 million liability insurance per incident, for sure and loss of business due to unforeseen circumstances. Is there anything else we should insure? What about equipment and inventory? Also what would be average annual premium?
Thanks
Like you said, Liability + contents and business interruption. Price would depend on how much inventory you have, your income and details of the property.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Deal Addict
User avatar
Feb 16, 2004
1396 posts
40 upvotes
York Region
We have found the office for lease for our business.
Landlord gave us a copy of lease and is asking to have " $2M public liability and property damage insurance in which policy landlord shall be named insured and such policy should include cross-liability endorsement" - basicaly he wants us to pay for his liability insurance. BS!

Have you ever since something like these in commercial leases??????

We also should have our OWN damage and business interruption insurance - i understand that.....h

and he wants us to provide him a copy of such policy.

oh...there is also a clause: "tenant covenant to keep landlord indemnified against all claims and demands whatsoever by any person, whether in respect of damage to person or property, arising out of or occasioned by the maintanence, use or occupancy of premises or subletting or assignment of same or any part of" - this landlord has a good lease contract which basically can screw us over if there is slip and fall due to icy conditions on parking lot for example.

It is also mentioned in the contract that landlord shall have his own liability and property damage insurance. So why does he want additional coverage??
[OP]
Sr. Member
User avatar
Jan 8, 2009
791 posts
63 upvotes
GTA
edkate wrote:
Feb 4th, 2016 11:00 am
We have found the office for lease for our business.
Landlord gave us a copy of lease and is asking to have " $2M public liability and property damage insurance in which policy landlord shall be named insured and such policy should include cross-liability endorsement" - basicaly he wants us to pay for his liability insurance. BS!

Have you ever since something like these in commercial leases??????

We also should have our OWN damage and business interruption insurance - i understand that.....h

and he wants us to provide him a copy of such policy.

oh...there is also a clause: "tenant covenant to keep landlord indemnified against all claims and demands whatsoever by any person, whether in respect of damage to person or property, arising out of or occasioned by the maintanence, use or occupancy of premises or subletting or assignment of same or any part of" - this landlord has a good lease contract which basically can screw us over if there is slip and fall due to icy conditions on parking lot for example.

It is also mentioned in the contract that landlord shall have his own liability and property damage insurance. So why does he want additional coverage??
Yes this is common. Landlord is protecting himself from any claims that may arise from your customers or if you sublet to someone and their customers. Liability will cover you and your business while landlord will be an additional insured. Their is no additional premium for this.

You can send me the details of your business and property for an accurate quote.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Newbie
Aug 5, 2015
2 posts
Markham, ON
Hi,
How much would the insurance premium be for a free-standing commercial building leased to three tenants + 1 roof top ad.
The total lot size (including the parking lot) is approx. 3600 sqft.
[OP]
Sr. Member
User avatar
Jan 8, 2009
791 posts
63 upvotes
GTA
EtmnRH wrote:
Mar 29th, 2016 2:16 pm
Hi,
How much would the insurance premium be for a free-standing commercial building leased to three tenants + 1 roof top ad.
The total lot size (including the parking lot) is approx. 3600 sqft.
Hard to tell exactly as it will depend on postal code, type of tenants and actual re-building cost of the property. I would guess between $2000-$3000 a year.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Newbie
Apr 13, 2016
2 posts
Hi,
We own small machine shop located in Quebec. It is an incorporated
company of 15 years old.
We are moving to Mississauga, Ontario and are looking for General
Liability Insurance of $3 million.
We machine and assemble components/parts as per customer requirement and drawings.
Our annual sales is app.$200K.
We do not hire employees. We, two owners only work in the company which
is going to lease about 2000sq feet.
We would like know the ballpark figure for general liability insurance.
[OP]
Sr. Member
User avatar
Jan 8, 2009
791 posts
63 upvotes
GTA
User488749 wrote:
Apr 14th, 2016 12:30 pm
Hi,
We own small machine shop located in Quebec. It is an incorporated
company of 15 years old.
We are moving to Mississauga, Ontario and are looking for General
Liability Insurance of $3 million.
We machine and assemble components/parts as per customer requirement and drawings.
Our annual sales is app.$200K.
We do not hire employees. We, two owners only work in the company which
is going to lease about 2000sq feet.
We would like know the ballpark figure for general liability insurance.
My guess would be about $2500 a year.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Newbie
Feb 19, 2011
5 posts
1 upvote
Hi,

I asked this in another thread and it does not seem that I really need to incorporate my web business but what about liability insurance?

Here is the scenario I posted on another thread:

I already have a sole-prop business that I have used as an IT contractor for years.

Let me put this into some context. There are websites/magazines that contain reviews on restaurants, movies, and products etc. etc. which are pretty common.

If I were to start a website that was in the business of reviewing restaurants or products would this open me to some sort of liability? I know there are thousands of sites that post reviews but being a small business owner I don't want to have some ticked off owner or company suing me over some bad review or anything they claim hurts their business. I realize I am thinking a little out there expecting my website having that kind of reach or impact but you never know. Especially for a small business owner this can be a daunting thought.

If I do not incorporate would liability insurance be adequate protection, and if so what type and how much?

Thanks
[OP]
Sr. Member
User avatar
Jan 8, 2009
791 posts
63 upvotes
GTA
User488749 wrote:
Apr 15th, 2016 3:01 pm
Thanks for the estimate
No worries. Feel free to send me details for an accurate quote.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
[OP]
Sr. Member
User avatar
Jan 8, 2009
791 posts
63 upvotes
GTA
ginn7 wrote:
Apr 15th, 2016 3:07 pm
Hi,

I asked this in another thread and it does not seem that I really need to incorporate my web business but what about liability insurance?

Here is the scenario I posted on another thread:

I already have a sole-prop business that I have used as an IT contractor for years.

Let me put this into some context. There are websites/magazines that contain reviews on restaurants, movies, and products etc. etc. which are pretty common.

If I were to start a website that was in the business of reviewing restaurants or products would this open me to some sort of liability? I know there are thousands of sites that post reviews but being a small business owner I don't want to have some ticked off owner or company suing me over some bad review or anything they claim hurts their business. I realize I am thinking a little out there expecting my website having that kind of reach or impact but you never know. Especially for a small business owner this can be a daunting thought.

If I do not incorporate would liability insurance be adequate protection, and if so what type and how much?

Thanks
From pure risk perspective, it is in your best interest to get insurance.

Incorporate or not could depend on other factors as well, like revenue, assets protection, etc.
Insurance & Financial Advisor

All posts on this forum are for information purpose only and can't replace your policy contract. Please contact your own broker, agent or company before acting on my suggestions. There is more to insurance than just price!
Deal Fanatic
Nov 11, 2008
6796 posts
899 upvotes
Hello,

I am planning to start a small business installing security cameras for people. I have the auto insurance covered already. Now I need to find out how much liability would be. It's a side business, so my guess is 4000$ gross a year. What price point am I looking at for liability?

Top