What Kind Of Insurance Do I Need For A Small Home Based Online Retail Business?
I have a home based retail business that sells products online. I keep inventory in my home. What kind of insurance do I need? Does anyone know what the costing runs about?
Nicole
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You’re probably not REQUIRED to have any, by anyone. But here are some possibilities: general liabiltiy, in case you get sued. Property, in case of fire or theft, that wipes out your inventory. ECommerce, for internet fraud/wire fraud.
Cost is going to vary wildy from $1500 a year for start up, to tens of thousands, depending on sales, type of materials sold, where you get them from, and where you store them.
You’ll have to talk to a local agent to get specific quotes.
You would need fire insurance, auto insurance, and maybe product liability insurance. What are you selling? The cost of the insurance is all over the map. Make a few appointments with some agents in your area and have them submit a proposal. Make sure they are quoting similar policies. There are several factors that impact the policy’s cost: agency overhead and profit, the carrier’s (actual insurance company’s) rating and profitability. Another factor is how fast you are willing to pay for your annual coverage; if you stretch the payments out over the term or several months, you will pay more.