When you also have equipment or operate from an office
All Basic plan benefits and:
Equipment Breakdown will cover losses due to a mechanical or electrical breakdown of your business equipment. The insurance will cover the cost to repair or replace the equipment and any other property damaged by the malfunctioning equipment.
Business Interruption insurance covers the loss of income that occurs after a disaster, causing you to close during repairs. The insurance will cover the profits that you would have earned, the normal operating expenses, the expense of moving your business to a temporary location and any other covered costs.
When your customer isn't satisfied with a product you sell or distribute, you could be sued for the financial loss they incur under your business. Professional Liability insurance will protect your business by paying the full cost of defending a claim and its related expenses due to the mistakes or your failure to provide service to your customers.
General Liability protects your craft business from a variety of claims including property damage, personal injury, bodily injury, and other common liability claims. General Liability insurance will help pay for the legal expenses including attorney fees and court costs when your business is being sued and the lawsuit is covered under this policy.
When you have a craft business, you take additional risks and assets compared to being employed. Whether a customer trips inside at your booth during a craft show, your equipment malfunctions or is stolen, you'll be responsible for the costs associated with it.
When your craft business has insurance, the insurance will kick in and cover these expenses until it has reached its limits. For just a small monthly fee, your business and personal assets are protected from the many known and unknown incidents.
Opening a craft business comes with many risks. Here are some of those:
Every business has unique needs and insurance can differ widely on the level of risks. Typically, an insurance company will determine the type of business you have, the number of employees and the insurance needed before they can give you a quote for your craft business. Without taking these into account, here's the average cost of the most common insurance you need for your business:
Businesses in this industry manufacture toys, jewelry, and instruments. Establishments may specialize in the production of items such as autophones, banjos, guitars, balls, checkerboards, children’s go-carts or dolls. Some establishments will specialize in the engraving, chasing, etching, polishing, or faceting of jewelry and drilling, sawing and peeling of cultured and custom pearls.
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