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Insurance for small furniture maker operation9/12
I have been running a small custom furniture operation for almost 5 years now and everytime I have attempted to get some kind of liability insurance I end up getting nowhere. I make almost exclusively free standing peices and not really any built in or architectual work. Does anyone know what kind of insurance I should be looking at getting and where I could find it? Also how much would it run in terms of cost? Any input would be greatly appreciate it. Thanks and God bless,
You should be able to get a general commercial liability policy providing $1 million in coverage for less than $300. Most insurance brokers can set you up with this. Most basic policies like this will include a few thousand dollars of business personal property coverage as well. The cost goes up as you add property (real estate, machines, inventory etc..).
All of our insurance is through Erie Insurance.
General liability is good start.
You may also need coverage for transporting the furniture, or damages in transit.
You may also need coverage if you carry a chair in a house and accidentally knock over the Ming Vase worth $4500.
Or if your shop burns down, is flooded or is scraped from the earth.
While you don't expect any of that, insurance is for the unexpected. I just had my shop Cedar bevel siding replaced after an 80 mph hailstorm pulverized the 30 year old siding. $1,000 deductible on $5,300 damage.
I got a policy from my Country Companies agent. Covers all tools, machinery, and has the million dollar liability. Costs me around $1000 per year. I worry more about free standing than built-in. Ask IKEA how free standing dressers are doing for them, as an example.
Call an insurance broker. They will educate you and find you a policy.
I agree with Jerry, you can get a general commercial liability policy providing $1 million coverage for less than $300. If in future you faced any natural disasters like wind damage, flood damage, then you can claim the insurance company for the further restoration process. And if the insurance company is denying the fact that you don't have any proof, then you should take some helpful hints from the public adjusters like public adjuster orange county who will help you to get your right for the high amount of coverage.