Insurance Overview
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 partnered with Veracity Insurance Solutions
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 are 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 protect 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.
Insurance Resources
Check out some of these insurance resources that can help you choose the right insurance for your circumstances.
