Wednesday, November 16, 2011

Insurance: What do I need for my business?

Do you have business insurance? If not, you may be at risk.  You may not even realize you need it until you go to register for a craft show and they ask you for a certificate of insurance.

What they are asking is that you provide proof of business liability insurance, usually $1 million dollars worth, with a specific certificate showing them as additional insured. You need to get this for that specific event from your insurance agent. You can also purchase it for a specific event at sites like

But as a business owner, you need to consider other insurance needs.

Business product liability: Do you produce something that can harm someone? Maybe a doll or stuffed animal? A food product? A skincare product? If so, think what would happen if someone sued you for damages from your product. If you don't have the proper insurance, you won't be able to recover your losses of equipment and products.

Your homeowners policy may even be VOIDED if you have a claim as a result of your business. For example, I have two kilns. If one causes a fire and burns my house down, I would not be able to recover my loss from my regular homeowners policy.

This is NOT an all inclusive list. See your insurance agent for details specific to your situation.

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