Insurance question

[CAS6591]

Per say, not a legal question, but would like some feedback from makers that have established businesses.

Do you carry business liability or product liability insurance. If so, what are the annual costs?

Thanks.

 

[cgmblade]

If you have any type of business you need to have insurance. A general business liability policy isn't very expensive.

 

[TOM1960]

Another thing to do is to establish your business as a LLC (limited liability) and/or place your personal assets (house, etc.) into a trust. If your business gets sued for unpaid debts, personal injury, etc. you will not have to worry about losing your personal assets.

 

[Lewie1775]

Another thing to do is to establish your business as a LLC (limited liability) and/or place your personal assets (house, etc.) into a trust. If your business gets sued for unpaid debts, personal injury, etc. you will not have to worry about losing your personal assets.

Or a Sub S Corporation, though I believe that now many persons view an LLC as a better alternative.

You definitely want to protect your personal assets. You can also form different Sub S corporations or LLCs for different businesses or locations, to protect one of your business from lawsuits against another of your businesses, instead of having all of your businesses or locations in one Sub S or LLC.