Business Liability Insurance: My Personal Story

So I’m finally taking the big leap. I’m leaving my current position as a project manager at medium sized manufacturing company and setting up my own shop. Pretty exciting stuff, and also very scary. There are so many things that need to be taken care of before I can even open the doors for business.

I’m starting a custom motorcycle and metal works business. I knew most things like finding a space, renting it out, leasing equipment, even getting enough customers to break even. The one thing I didn’t anticipate though was insurance. Public liability insurance to be specific.

Since I’m going to be doing custom work and selling motorcycles directly to the public, I’ll have third parties on my premises. Now as we all know, strange things can happen without any type of notice. A customer can come in and slip on the floor, break their back, and sue me for everything I own. That’s why I started searching for public liability insurance to cover my butt and put my mind at ease.

Before I get ahead of myself, let me explain what public liability insurance actuallly is; it covers damages to third parties or their property that occurs on my premises. That means that if a customer walks in, slips, and breaks their wrist, my insurance company will take care of it for me. The only thing that will happen to me is that my premium will increase for the next couple of years, but atleast I’ll be able to stay in business.

To get started, I needed at least 15 insurance quotes to compare. The idea of slogging through a phone book manually looking up insurance companies and agents didn’t sound like an efficient, or fun, way to spend three hours. So, I went online and did a Google search for free liability insurance quotes.

In less than two hours, I had about 9 quotes ready for me to review and compare. And the “applications” were short and to the point. They asked basic information like how my company was structured, how much money we make, how many employees have, etc. Nothing specific like tax id numbers, just enough for them to get a good snap shot of what type of insurance policy would be best for my business.

I’m still doing my due diligence, but I believe I have found four companies that will be able to stay within my budget and give me the protection I need. I’ll keep you posted on how everything goes in the coming weeks.

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