by alanking » Wed Dec 08, 2010 05:44 pm
I am starting a small catering business ( with myself as only employee ). I will be sub- contracting work from other more established caterers and need my own liability ins. I am a sole proprietor working for and by myself for other caterers.
Posted: Thu Dec 09, 2010 03:19 am Post Subject:
So what information are you specifically looking for? If you'd like to know a few carriers that offer such coverage, then you should specify the locality that you belong to.
Posted: Thu Dec 09, 2010 03:38 am Post Subject:
Contact a local broker or agent. You should be able to obtain a $1,000,000 liability policy for $1000 per year or less. Mine costs a bit more than $450/year.
Posted: Fri Dec 10, 2010 01:16 am Post Subject:
Dear Max, I'd be truly interested to know this difference in premiums. With $1000 a year do you expect it to cover a big catering house? I'm just wondering!
Posted: Fri Dec 10, 2010 01:32 am Post Subject:
Steven . . .
A large part of the premium is based on gross sales (the more sales, the more opportunity for loss). Figuring a start up catering operation will not have much loss exposure in the first year, but also the fact that there is no track record, the only coverage available may come from the surplus lines market, which forces the premium higher. My most recent coverage is from The Hartford and cut my annual cost by more than 50% this year compared to last, with no change in the risk.
It's a relatively small market, and you pay what they ask if you want to be covered.
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