connieb

Help "type of Bus." for business insurance

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I'm sorry, I know this has been discussed but I cant find more than a couple of threads about it. 

My DH and I were at the insurance place today and we were getting a quote for insurance for my business.  I have a quote for a Business owners Policy (BOP) but the agent and I were  having a difficult time finding the "right" name to classify the "Longarm" business under.  We discussed embroidery (I can not spell), clothing/tailoring (because it involves fabric) but nothing seems right.  Does anyone have any suggestions, please!!!

TIA


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Mine went under manufacturing using the code for drapery making.  They said because I create a finished product doing the quilting it would be manufacturing.   I think if you look up the code you used for your federal employer identification number /EIN that might help get the right code.  Soon the government will figure out how many of us there are and give us our own code.


Quilting Joyfully,

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Joyce Coburn

APQS Sales,Service, Training

EdgeRider Wheels Dealer

joyce@coburnsquilting.com

www.coburnsquilting.com

330-310-7346

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What classification did you use when you registered your business? In my state I'm classified as "manufacturing". Ask your agent if you can use that classification. If they accept "clothing/tailoring" why not accept "quilting"--or maybe "sewing"? ;)


Linda Rech

Finely Finished Quilts

Millennium on Bliss rails--hand-guided

http://www.topperquilttools.com

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Interesting Topic: When I first went to my agent he came back and quoted my ins. premium as thought I was a Manufacturing business because that is what I'm listed as for IRS purposes. The first quote was very high. So he said that I did not need to use the same category for ins as I did for the IRS. I live in Oregon. He suggested that we try the "service" category for ins purposes as long as I had no employees and that me manufacturing a quilt from start to finish wasn't the primary function of my business. The quote for Ins. for a "Service" home business was almost 1/2 the cost of the first quote for a manufacturing home business.

I'm fully covered in my home or have a quilt hanging in a show, have a booth at a show or transport customer quilts in my car.

I realize States have different ins rules etc, but it's worth asking your agent.

Terry


Happy Quilting

Terry

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Mine is under "service" as well.  Even though I am not quilting for others currently, I still run my photography out of my home. As Terry stated; going under service is a lot cheaper than manufacturing.


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Be Yourself, Everyone Else is Already Taken.



 

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