Don't forget your small business insurance

[MJ DeMarco]

Forum peeps,

For all of you engaging in any type of business that has some type or risk, especially personal products and consumables (I'm talking to YOU supplement guys) do NOT go without business insurance. Without it, you are gambling.

Over the years there have been dozens of posts here inquiring about insurance, do I need it? Where do I get it?

Well, there are two great sources for getting quotes on business insurance - and I have experience with both of them.

1) HISCOX: In my early web days when I ran a ground transportation business (big RISK!) I used HISCOX which is now an affiliate advertiser here. For a small business insurance quote check them out.

B) Another great source is BizInsure.com -- which offers a wide variety of plans for a variety of fields, including contractors, freelancers, and authors. (I use them as well.)

The price on getting insured has really come down as well -- when I got started years ago it was thousands of dollars per year -- it is much cheaper nowadays as the web businesses have become more common.

Happy hunting.
MJ

 

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[Bellini]

And lest we forget.....

Hanover vs. Vemma in the U.S District Court of Arizona.

Even if you DO get insurance, read the fine print and ask questions about your business liability insurance. Ask about clauses and exceptions, etc.

Vemma's liability insurance covered legal defense fees (many do) and when it came time to pay up, Hanover Insurance tried to bail out and would not pay. Then they sued Vemma, adding yet another lawsuit and raising Vemmas and the owners legal defense fees even more (Owner B.K.'s insurance policy covered both him as an individual and the company separately)

He had been paying premiums to Hanover since 2011. When the time came in 2015-16 that he actually needed his insurance policy to help him, Hanover tried everything they could to get out of paying.

Luckily the Judge ruled mostly in Vemma's favor on this, but only after a long hard struggle.


source: Justia Court Documents

 

[fhs8]

Just another business insurance horror story I have to share.

There was a sandwich shop in the same strip mall that I used to worked at. It was thriving and there was usually a line out the door. 4.5/5 on Yelp with hundreds of reviews. Then one day when going to work I saw that the sandwich shop had a fire and the whole place was basically destroyed. I talked with the owner and he said that there was a fire that occurred overnight since a stove was accidentally left on. A few weeks later I noticed that no repairs were done really and the owner said that he is waiting for the insurance company to pay. A few months later and he told me that he's going to court to get the insurance company to pay.

I don't know what happened next but a year later it eventually got remodeled and an ethnic restaurant took it's place.