“Where can I get insurance? Do I really need it?”
This question is asked at nearly every adult school gift basket class I teach, and I bet new and current designers in future classes will ask the same.
It’s important for every designer to consider investing in the type of business insurance that matches their level of liability.
For us, that includes product liability insurance (even if products are prepackaged) and fire/flood/theft (for your workspace and if you sell on consignment).
You’ll also qualify for other types of coverage, but it’s best to talk to an insurance agent who’s knowledgeable about small business policies to learn your options.
Insurance isn’t a glamorous topic, but neither is the thought of receiving a summons or losing everything you’ve worked so hard to obtain.
This page provides more information on insurance requirements.
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{ 4 comments… read them below or add one }
Small gift basket businesses can usually be insured under a Home Business Insurance rider added to a homeowners policy. The premiums are very affordable.
Hope that helps
Hi Rob,
What you say is true for many home-based designers but not all. I’ve spoken with some whose home insurance policies have no coverage.
Thankfully, there are independent insurance firms that provide coverage for some of them.
Hi, this topic is probably a little outdated, but I thought I would put my 2 cents in anyway.
I work in the insurance industry, and most of the time a home owners policy will NOT cover a home based business for Liability. The homeowners policy MAY cover them for the fire/theft component, but will DEFINITELY NOT cover the businesses Liability risks.
An individual Liability policy would have to be taken out – and this can be done at very little cost – sometimes as little as $300-$400 annually.
Hope I helped.
S
I’m sure gift basket designers appreciate this information, S, as I do.
It’s important for each of us to review policies completely before signing on the dotted line.