Insurance is one of those things that every business hopes never to need, but should always have ... just in case. In these litigious times, when there are lawsuits over the smallest things, insurance may be the only thing between life as you know it and losing everything.
The HSCG understands that it can be tough starting and growing a business, and still tough when the business is grown and successful. That's why we've partnerd with Veracity Insurance Solutions to to make it possible for you to protect your business and your personal assets as economically as possible.
A Quick Insurance Primer
There are many different types of insurance. We, of course, are only concerned with the types of insurance that is applicable to handcrafters who are making soap, cosmetics and related products (candles, room sprays, etc). VERY briefly, the types of insurance to keep in mind to product your handcrafted products business are:
- General Liability Insurance: General liability insurance covers costs and liability when someone gets hurt on your property (or in your craft booth) or when there are property damages or injuries that are caused by you or your employees. If your craft tent blows over and damages the expensive pottery in the booth next door, general liability insurance would likely kick in.
- Product Liability Insurance: Product liability insurance covers those times when someone claims that there was harm or injury from the use of your products.
- Property Insurance: Property insurance (also sometimes referred to as "inland marine") covers loss or damage to your insured business property (subject to limits and exclusions, depending on the policy).It doesn't cover buildings or structures. If a freak storm came and damaged your booth, display and products at a craft show, property insurance would likely cover your losses.
- Professional Insurance: Professional insurance is for people who are teaching or providing information to others. If you are teaching classes and somone claims that the information you gave them caused some harm or damage, professional insurance would be applicable. All HSCG teachers are required to have Professional Insurance.
- Various Personal Insurance: There are all different types of personal insurance, much of which is to cover circumstances in which regular medical insurance falls short. Life insurance, disability insurance, accident insurance, cancer insurance, vision and dental insurance - these are all different types of personal insurance. Veracity Insurance has a wide array of optional personal insurance which is available to HSCG members.
Check out some of these insurance resources that can help you choose the right insurance for your circumstances.