|Business Insurance - What do you have?|
finding it very expensive...
| 3:32 pm on Apr 15, 2008 (gmt 0)|
I currently don't have business insurance but I am getting quotes.
My business is primarily publishing websites and selling advertising, I also buy and sell domain names and occasionally will do some SEO consulting or throw up a quick website for small businesses. I also run a few blogs. My biggest concern is that I would give someone some advice or cause their site to go down and that they would then sue me. There is also the possibility that I piss someone off in my blog and they sue me for slander or something, so I have asked for a media rider just in case.
The first quote I got for $1,000,000 in coverage (which is probably more than I need) was for $10,000 – I couldn’t believe it. I think one of the biggest troubles is that people don’t know how to categorize me and they keep putting me into the web hosting category which is pricey. They can’t seem to find a generic internet publishing or even consulting category.
My biggest assets are probably my domain names, and I’d hate to lose those. I have an LLC, and maybe I just need to get air tight contracts each time I do any work for anyone that limits my liability.
My questions for everyone are
a)Do you have business insurance – why / why not
c)How much do you pay (if you don’t mind answering…)
Thanks in advance.
| 4:41 pm on Apr 15, 2008 (gmt 0)|
I looked into this. So long as I wasn't publishing any opinions - ie some blog posts - it was as little as $220 a year through State Farm.
But blogs or opinion based things that could get me a slander lawsuit? They wouldn't even touch me.
We opted out in the end, as we don't have enough assets. Someone wants to sue us they're going to get a lot of debt, that's about it.
I get our biz debt gone and the car paid for? Sure, we'll look at it again.
| 4:44 pm on Apr 15, 2008 (gmt 0)|
Oh, yeah, when I went through a general insurance broker they tried to stick us in the "Website host" category or "computer programmer" category for general house/business insurance to cover our computers, working from home, etc. Total disaster, more than $2,000 a year.
Again, State Farm covered our home & biz for under $500 a year. Not a shill for them, ANY independent broker will do this - check for local indy brokers.
SF sucked when it came to car insurance - that's where the big brokers are a better deal. But for complicated things, indy brokers are better and much more flexible.
| 7:57 pm on Apr 15, 2008 (gmt 0)|
Thanks, I'm probably leaning towards ignoring it unless I can get a policy for under $2k.