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Small Business Ideas Forum

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Old 10th October 2008, 04:21 PM   #1

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?


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Old 10th October 2008, 05:18 PM   #2
IV Studios

Join Date: Oct 2008
Posts: 34

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.

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Old 10th October 2008, 08:50 PM   #3
flauto-insuranc's Avatar

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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....

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Old 14th October 2008, 09:23 AM   #4

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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.


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Old 20th July 2009, 03:03 AM   #5

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Posts: 44

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.

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Old 13th October 2009, 04:09 PM   #6

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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.

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Old 18th December 2009, 09:54 AM   #7
Paul Homebuying

Join Date: Dec 2009
Posts: 14

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.

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Old 1st February 2010, 10:45 AM   #8

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Posts: 6

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.

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Old 10th June 2010, 03:04 PM   #9

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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.

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Old 3rd September 2011, 11:31 PM   #10
icebox19's Avatar

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Location: Philippines
Posts: 4

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.

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