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  1. #1
    Junior Member
    Join Date
    Jun 2005
    Posts
    12

    Liability Insurance and Casualty Insurance

    I am close to signing a lease for a new coffee house but I was wondering if anyone can give me an estimate of what I should be paying in insurances per year?
    -Bob
    -WinderBean Coffee House

  2. #2
    Senior Member
    Join Date
    Apr 2005
    Location
    Modesto, CA
    Posts
    130

    nothing compared to workmans comp

    Ok, I'm synical here in California - where are you?

    I think the general liability and such is pretty reasonable...I think we pay about $1100 a year for that but I have to check. We paid it up front when we bought our business so I don't have it in the monthlies.

    Workmans comp is expensive here.

    We just added a vehicle and OMG I could not have imagined paying so much more for it then our building...just plain "wrong."

  3. #3
    Junior Member
    Join Date
    Jun 2005
    Posts
    12
    I'm in FL so I hope it's reasonable. My software company had to pay 3200.00/yr for liabilty cov but the risk was high that you could screw up somes info...hopefully coffee is a better risk
    -Bob
    -WinderBean Coffee House

  4. #4
    Member
    Join Date
    Dec 2004
    Location
    GA
    Posts
    86
    Since the cost of insurance varies by region, you should contact a local independent agent. He or she can give you a quick quote on those types of insurance. I am in Georgia, and I got a quote of $2800 for a Business Owners Policy (BOP) that has the Building, Contents, and Liability coverages combined. This was assuming ownership of a 2400 sf building. I'm sure it would be higher in FL (due to property coverage being more expensive). I got a quote for Workers Comp of $.72 per payroll dollar per yr. Workers Comp is required if you have 3 or more workers, full time or not.

  5. #5
    Junior Member
    Join Date
    Jun 2005
    Posts
    4
    We are opening 7/15 and got a quote of $629 w/ $1M in liability - renting space. I am in PA.

  6. #6
    Member
    Join Date
    Dec 2004
    Location
    GA
    Posts
    86
    Is that liability only, or does it include any property coverage of your contents?

    This is helpful to compare notes...any others want to share what they pay for insurance???

  7. #7
    Junior Member
    Join Date
    Jun 2005
    Posts
    4
    Includes Contents ($25000 - we're small , business interruption coverage and $1M liability. We are also renting from ourselves and this coverage *may* incorporate the fact that the same company that has our building insurance has our coffee shop and car dealer business (multiple discount kind of thing.)

  8. #8
    Junior Member
    Join Date
    Jun 2005
    Location
    Greensboro, NC
    Posts
    7

    Liability & workmens com

    I am located in NC and am getting ready to open a new shop in 2-3 weeks. Insurance costs will vary so you do need to get quotes from several providers. The company that I'm leasing from required that I have 3 million in liability, sounds steep I know but when you purchase a Business Owners Policy (BOP) it's surprisingly manageable. Actually I purchased 3 million with 1 million aggregate with a yearly cost of $1,319 or $110 per month. Workmens comp is required if you have 3 employees whether full time or part time. I'm only going to have 2 part time but am still going to carry workmen's comp. What if an employee does get injured at work? I've hired a local company to handle my payroll, check writing, taxes, etc. and they are also going to handle my workmens comp deductions. My premiums will run at $2.12 per every $100. that an employee earns. If an employee earns $15,000 in a year the cost for workmens comp for them would be 320.00 per year. NC state also charges a one time fee of $210., this is not per employee, but per year. I hope this information will help some.

 

 

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