Insurance Question

Gemini Crow Sauce Company

Gemini Crow Sauce Company

Was hoping people might be willing to share who they use for insurance for their hot sauce companies? And if they are willing to share what a typical basic policy might run?
 
think i may be getting the run-around here.....
 
 
gratzi
 
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Liberty Northwest (Liberty Mutual?  I think???)
 
Mine runs about $500/year but I don't have FM coverage and vehicle coverage which I think LDHS does have. 
 
 
Talk to a BUSINESS INSURANCE person....don't just to go Progressive.com or whatever.  I've always dealt with a real live person in my hometown for vehicle and business insurances.  For food products, it makes a difference if its refrigerated, plastic, shelf stable, how many units or $$$ sold per year.....

not to get too far off on a tangent...but with our 2 businesses and rest of "real life" we carry 6 separate insurance policies.  $_$_$_$_$-

edit- 7 policies....forgot about homeowners....
 
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And no one complained about the govt forcing you to buy insurance until Obamacare.
 
We are looking into ins too, so good thread. We got quoted $350 a year for 1 mil in insurance. And the first one was $460 for 300k. Were still looking
 
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salsalady said:
Yep, that sounds about right....  Isn't it grand being self employed?  :sigh:
Click to expand...
 
Yep! 
 
Product liability insurance is critically important - after a huge festival where I sold ~1500 bottles of sauce and sampled to thousands of people, I received an email from someone claiming that "that sauce we bought from you made us all sick! My kid almost died he was throwing up all night!" he went on to describe the medical expenses from the emergency room visit and how much money he expected me to pay. Funny how not a single other customer who all had sauce from the same batch had this issues. :rolleyes: 
 
I politely responded that he was welcome to bring that claim to the attention of my insurance company at this address [provided address] and that any further communication between us would have to go through my attorney at this address [provided address]. I further requested copies of all documentation from their hospital visit and informed them that my batches were lot controlled and state inspected, and suggested that perhaps it was some other food they ate that day that caused them harm? 
 
Needless to say I never heard from him again. Guess his kid wasn't that sick after all, eh? Funny how the reality of dealing with an insurance company investigation really starts to hit hard when someone's just trying to do a little simple blackmail I guess...
 
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Hartford. under $500 for 1mil
 
It pays to shop around - I got mine through wells fargo where I have my biz accounts. They acted as my agent and were able to get me a better rather that what I was quoted going to the Hartford directly
 
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I'm gonna hit up Harford tommorow, and Liberty Northwest  (or at least find a business insurance agent that will pursue them directly)...
 
getting kind of anxious and nervous......At this stage of the game, I have a strict budget, and it was definitiely in the (under $1000 for insurance) ballpark.
 
I know with the NYC fest coming up, and the number of fests, expo's, farmers markets I plan to invade this sprring and summer, that I will most certainly, make back that isnurance expense, I just don't want to set that precedent in cost off the bat....
 
ugh....
 
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It's not optional - selling a food product without liability insurance is suicidal.

Any (reputable) farmer's market, any festival, any grocery store will require it.

This brings up another point: skimping on the type you get may cost you more later. You need a policy that you can add onto. for example NYHSF will require you to have them named on your policy. Then any market you get into wi do the same, and any grocer.

If your insurance charges you every time you add another entity to your policy you're way better off getting the more expensive policy that allows unlimited riders.

It's the food business - you need a liability policy. Many of the stores I'm in require 2 M so that's what I have. 1 M is cheaper, not necessarily better. That's up to you to decide.
 
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Oh, I won't proceed with out it...of course not...
 
but going into all of this, people have told me that I should expect to pay between $750-$1100 for a decent to better than decent policy.
 
i was thrown for a loop when my insurance guy came back to me and said he wasn't even going to be able to get a IC to even entertain the idea of a product liability quote, except for one company who came back with a $2100 policy for the basic 1 Million in coverage....
 
not worried bout stores this year.....strictly fests and farmers markets while i get my feet planted....if i do well in 2014, then ill be happy to look for a better stronger policy in 2015.
 
i need to find a different insurance guy who can actually find the same kind of policy that a lot of you guys have....i have my start....Ill get it done.
 
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Shop it, in person,.....business insurance is NOT the same as a personal car policy.  Just start calling local insurance agents to find ones that do business insurances.  Talk about your specific business requirements.  Get a few quotes and compare!  
 
 
From some (unrelated to food) business situations, we know that for some scenarios, the first person to answer the call may-or-may-not know anything about what you may be enquiring about.  Some will BS it to get your biz. 
 
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"It's not optional - selling a food product without liability insurance is suicidal"
 
This bears repeating
:evil: Lots of meanies out there trying to take what is yours
 
::Love your sauce, FeistyParrot
Made me and the folks I shared it with very  :mouthonfire:  indeed
 
:cheers:  and good luck!
 
G
 
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Waiting on word from a broker....Told him to push through thru Hartford as they seem to be in the business of giving us hot sauce people coverage.
 
worst case, i'll sign up with the one quote that i got that was real high and continue to search.....then cancel, when i find a better deal....
 
this is the most nerve racking part of all of the going legit process so far!
 
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I SECURED MY INSURANCE!
Working out the details and the numbers, but I'm APPROVED!
 
Such a nervous weight off my shoulders!
so worried bout not having it prior to the NYC show!
 
now the fun can begin!
 
thanks for all the advice and guidance...
 
and big thanks to Ann (yet again) who told me to continue to shop with different brokers...
 
the pessimist in me would have just went with what the first guy said and i would have wound up paying $2200 a year....Looks like my policy is gonna be under $600, which is good for NJ!
 
woo hoo! 
 
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