What Type Of Insurance Do I Need?

[NewGuy]

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

[IV Studios]

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.

[flauto-insuranc]

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....

[NewGuy]

Hi there,

Just the clarify things a little bit. I want to design, build and sell electronic devices meant to be used by engineers. They will be similar types of devices like the following links(these are not my business I am just showing as an example)


http://www.sparkfun.com/commerce/categories.php?c=20



http://www.sparkfun.com/commerce/categories.php?c=2


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,



.

[ricky028]

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.

[coreyinsurance]

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.

[Paul Homebuying]

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.

[Vega]

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.