Welcome to the Small Business Ideas Forum! We are a community of over 100,000 small business folks with over 163,000 posts for you to browse. We pride ourselves on being the friendliest forum you will find and we'd love to have you as a member of our community. Please take a moment and register for a free account. If you need any help, please contact Chris Logan.

Small Business Ideas Forum

Small Business Ideas Forum

A friendly place to share small business ideas and knowledge, ask questions, find help and encourage others that are involved in the small business industry. Topics include small business marketing, generating revenue and small business computing.

Go Back   Small Business Ideas Forum > Generating Revenue, Insurance, Taxes, Etc. > Insurance
Register Search Today's Posts Mark Forums Read

Reply
 
Thread Tools
Old 10th October 2008, 03:21 PM   #1
NewGuy
Member
 

Join Date: Oct 2008
Posts: 2
Default What Type Of Insurance Do I Need?

Hi there,

I am electronics engineer and want to start a business from home designing and building small electronic devices that are useful for electrical/electronics engineers.

What types of small business insurance do I need?

What are some good insurance companies that provide error and omission and professional liability insurance?



Regards

NewGuy is offline   Reply With Quote
Register or log in to remove this ad.
Old 10th October 2008, 04:18 PM   #2
IV Studios
Member
 

Join Date: Oct 2008
Posts: 34
Default

You need very good insurance.

A logical first step is to talk to the agent you already have for auto/home/whatever. If they don't offer the right types of insurance, you're best off going through a list of the major providers and collecting quotes as you would from any other professional. You can also try recommendations from any business associations you may be (or will be) affiliated with -- local chambers of commerce, that sort of thing.

IV Studios is offline   Reply With Quote
Old 10th October 2008, 07:50 PM   #3
flauto-insuranc
Member
 
flauto-insuranc's Avatar
 

Join Date: Oct 2008
Posts: 2
Talking biz insurance

You need to discuss your needs with an agaent. It can get very complicated.
A BOP or business owners policy will provide a full
package for your business including liability coverage for
the business exposure and also will cover
business property. This is the most common type business
owners choose.
If you don't have property then a GL or General Liability is used
to cover the business exposure risk.

Find a good agent that will work with you and be patient....

flauto-insuranc is offline   Reply With Quote
Old 14th October 2008, 08:23 AM   #4
NewGuy
Member
 

Join Date: Oct 2008
Posts: 2
Default

Hi there,

Just the clarify things a little bit. I want to design, build and sell electronic devices meant to be used by engineers.

I work at home.
I will sell items through website.
No front store is involved.
No traffic of customers to my home becasue I will mail the items to buyers.
Not a lot of equipment is needed. I basically work on my desk.
I also want to maintain my full time job.

So any advice about anything is welcome.

Regards

NewGuy is offline   Reply With Quote
Old 20th July 2009, 02:03 AM   #5
ricky028
Member
 

Join Date: Mar 2009
Posts: 44
Default

Definitely error and omission insurance and professional liability insurance would be suitable options. And to get the best prices you should shop around online to get access to many insurance providers so that you will get informed on the lowest rate and best service that suits your financial plan.

__________________
SEO Services UK | Web Design UK
ricky028 is offline   Reply With Quote
Old 13th October 2009, 03:09 PM   #6
coreyinsurance
Member
 

Join Date: Oct 2009
Posts: 1
Default I can help you out

I am an angent and it sounds like you need to speak to an agent who knows and who can help you out. Posting your question in an online in a forum is a good place to begin. But you will have to talk to someone who specializes in products liablility and professional liability. (E&O). I work with products liability all day, every day I will do what I can to help you out.

coreyinsurance is offline   Reply With Quote
Old 18th December 2009, 08:54 AM   #7
Paul Homebuying
Member
 

Join Date: Dec 2009
Posts: 14
Default

The comments are very much impressive and I guess this should give you answers. First, you really need to talk to an agent regarding your needs with the insurance. He might get answers to your questions. If you feel like you don't need to talk to an agent, I suggest try getting Error and Ommission Insurance since you are selling products online.
I hope this helps.

Paul Homebuying is offline   Reply With Quote
Old 1st February 2010, 09:45 AM   #8
Vega
Member
 

Join Date: Feb 2010
Posts: 6
Default

I would also talk to a lawyer about forming an LLC and how to protect yourself, your home and your family. While it seems like pretty simple electronics you are selling, you still need to worry about potential problems from fire and injury caused by your products to having to deal with defective products. There's a lot of problems that could happen and you want the right insurance along with the legal advice to make things go as smoothly as possible.

Vega is offline   Reply With Quote
Old 10th June 2010, 02:04 PM   #9
ratecraft
Member
 

Join Date: Jun 2010
Location: San Diego, California
Posts: 2
Default DON'T talk to your homeowners agent

I hope you did not do that - surprising enough nothing that you said you do out of your home is out of the ordinary for a home business -

key point being:

No one comes to your home

Coverage is usually lost for liability if a business customer comes to your home- so make sure they don't.

But talking to your homeowner carrier/agent will sometimes make them change their mind about wanting to insure you. It is a great idea to speak with an insurance consultant - who is free to give you direction without compromising your current insurance situation.

Good input here on the professional liability side - it is probably the coverage you want to focus on - but keep an eye on it. Insurance carriers will usually generate a manuscript policy (meaning general non-specific) for around $2,500 a year some will be less - but many times each year they will increase the premium - so unfortunately the only way to lower it is to shop it every 2-4 years. It is a cumbersomeness application (and insurance carriers know this - that is why they jack up the price each year - thinking you won't go through the hassle), but on your policy you should have the original application attached to it (it usually becomes part of the policy), you can send this out to alternate agents.

Who should you send it to?

Check your associations they sometimes have better deals for professional liability and try one or two independent agents that are medium sized - don't go to the really large agencies - they just won't care that much about $2,500 or lower premium accounts.

ratecraft is offline   Reply With Quote
Old 3rd September 2011, 10:31 PM   #10
icebox19
Member
 
icebox19's Avatar
 

Join Date: Aug 2011
Location: Philippines
Posts: 4
Default

Quote:
Originally Posted by Paul Homebuying View Post
The comments are very much impressive and I guess this should give you answers. First, you really need to talk to an agent regarding your needs with the insurance. He might get answers to your questions. If you feel like you don't need to talk to an agent, I suggest try getting Error and Ommission Insurance since you are selling products online.
I hope this helps.
I think this one is the good advice to you. Also, review the background of an insurance company before you proceed on their service especially if it is an online insurance firm. hope it helps.

icebox19 is offline   Reply With Quote
Reply   

Bookmarks




Thread Tools

Get Updates
RSS Feeds:
RSS Feed for Insurance RSS for this Category Only: Insurance

RSS Feed for Small Business Ideas Forum RSS for Entire Forum
Forum Rules


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


Small Business Ideas Forum


 
At Your Business - Small Business Directory
Free Business Forms - Prewritten Documents
 
Search Engine Guide
Small business guide to search marketing

 
Small Business Brief
Fetching the Best Small Business Info


Free Links - Free Advertising
Free Guide - Online Directory



Advertise your business here
Contact us for more details!


Semantic Juice
Register now to access free Quick SEO service!


Rocket Lawyer
Sign up for free 7 day trial. Boost your biz!


Buy UPC Codes
Get your products listed online!




All times are GMT -5. The time now is 01:57 PM.


Powered by vBulletin® Version 3.7.3
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Copyright 2004 - 2018 - Privacy