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
Best reply by Scott K:
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.
Read the original question here
What kind of insurance do I need for a small home based online retail business?
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.
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