Quote:
Originally Posted by Rapture
Yes, thank you....
When you say general liability, do you mean if someone gets hurt buying one of the products? That's what I'm most concerned with.
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If someone is hurt by one of those products the lawsuit would be against the Manufacture's GL policy not you, as you do not have anything to do with the manufacturing of these products. The following are what you would be covered for under a GL policy that you would need and please keep in mind this is only an example of one that I will be writing on May 1st-they do exactly what you are doing. Sorry for all the space it took just wanted to give a good understanding.
EXAMPLE-Manufacturers Representative-Excluding Products Policy
roperty Coverage Limits of Insurance
Special Property Coverage Form automatically includes the following coverages at no additional charge:
Valuable Papers Coverage On Premises $ 25,000
Valuable Papers Coverage Off Premises $ 25,000
Accounts Receivable Coverage On Premises $ 25,000
Accounts Receivable Coverage Off Premises $ 25,000
Money and Securities – Inside $ 10,000
Money and Securities – Outside $ 5,000
Fire Department Service Charge $ 25,000
Fire Extinguisher Recharge $ Included
Ordinance or Law Coverage:
Undamaged Portion $ 25,000
Demolition Costs $ 25,000
Increased Cost of Construction $ 25,000
Tenants Improvements & Betterments Increased Cost of Construction $ 25,000
Appurtenant Structures not more than $50,000 at each scheduled premises. $ Included
Appurtenant Structures not more than $5,000 at each scheduled premises. $ Included
Newly Acquired or Constructed Property - Building $ 500,000
Business Personal Property at Newly Acquired Locations $ 250,000
Property Off-Premises – Building $ 5,000
Property Off-Premises – Business Personal Property $ 2,500
Automatic Increase in Building: Limit of Insurance: 8% Annual $ Included
Tenant’s Glass $ 25,000
Arson and Theft Reward $ 10,000
Definition of Premises: 1000 feet $ Included
Automatic Equipment Breakdown Coverage which includes: $ Included
Mechanical Breakdown $ Included
Artificially Generated Electric Current $ Included
Explosion of Steam Equipment $ Included
Loss or damage to Steam Equipment $ Included
Loss or damage to Water Heating Equipment. $ Included
Liability Coverages Limits of Insurance Premium
Each Occurrence $ 1,000,000
General Aggregate $ 2,000,000 $ Included
Products/Completed Operations $ Excluded
Personal and Advertising Injury $ 1,000,000 $ Included
Fire Legal Liability $ 300,000 $ Included
Medical Expenses $ 10,000 $ Included
Property Coverages Limits of Insurance Premium
Business Income And Extra Expense Actual Loss Sustained – 12 mos. $ Included $ Included
Deductible $ 1,000
Identity Recovery Coverage $ 15,000
Terrorism Coverage $
Location/Building Level:
Location/Building Information:
Location No./Building No. : 001/001
Street Address :
City, State and Zip Code :
Protection Class : 01
Class Code : 65951
Description : Manufacture's Representative Excluding Products
Construction : Frame
Year Built :
Area :
Limits of Insurance Premium
Business Personal Property $ 25,000 $ 274
Fungi Limited Coverage $ 50,000 $ Included
Fungi Limited Business Interruption $ 30 Days $ Included
Stretch Endorsements:
Premium
Stretch See Stretch Summary Attached $ 119
Stretch Summary:
Coverage Limits of Insurance
Accounts Receivable – On-Off Premises $ 25,000
Back-up of Sewer or Drain Water Damage $ Included
Brands and Labels $ Included
Claim Expenses $ 10,000
Computer Fraud $ 5,000
Computers and Media $ 10,000
Debris Removal $ 25,000
Employee Dishonesty (including ERISA) $ 10,000
Fine Arts $ 10,000
Forgery $ 10,000
Laptop Computers Worldwide Coverage $ 5,000
Newly Acquired or Constructed Property - Building $ 1,000,000
Newly Acquired or Constructed Property - Business Personal Property $ 500,000
Off Premises Utility Services – Direct Damage $ 10,000
Outdoor Property ($1,000 limit per item) $ 20,000 Aggregate
Outdoor Signs $ Included
Pairs or Sets $ Included
Personal Effects $ 25,000
Personal Property of Others $ 10,000
Property at Other Premises $ 10,000
Property Off Premises $ 15,000
Salespersons’ Samples $ 1,000
Temperature Change $ 10,000
Transit Property in the Care of Carriers for Hire $ 10,000
Valuable Papers and Records – On-Off Premises $ 25,000
Valuation Changes $ Included
The following changes apply only if Business Income and Extra Expense are covered under this policy.
Business Income Extension for Off Premises Utility Services $ 25,000
Business Income at Newly Acquired Premises $ 500,000
Business Income Extension for Web Sites $ 10,000 /7 days
Business Income from Dependent Properties $ 25,000
Extended Business Income $ 60 Days
Also, if you form an LLC this will help in protecting your personal assets and will give you tax breaks come tax time.
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