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Risk management
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Posted by rustico_2009 CA (My Page) on Thu, Jan 19, 12 at 12:00
What to you do? I know some of you have insurance. Did anyone incorporate for whatever shield that provides? I have seen at least one mom and pop operation that had incorporated.
It's a shame to have to worry about it for such a low scale enterprise, but it's nagging me since I am about to order a flock of layer birds. Even with just crops and a participation in the public at markets, I was worried but not enough to do anything.
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Follow-Up Postings:
RE: Risk management
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| You can incorporate with a LLC, instead of the whole Corporation, either C or S. It's set up for smaller operators. I have a basic business insurance, thru AutoOwners, $1,000,000, which costs me less than $150 per year. It DOES NOT cover on farm u-pick operations. I have been recommend to incorporate in some way, sole proprietors are terribly at risk. It's something else, that I need to do. Marla |
RE: Risk management
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| I don't have a farm pick-up stuff planned at all. I will check out insurance further for now....and especially before selling eggs. I am pretty sure any corporation would be an LLC. |
RE: Risk management
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| There are different types of incorporation, the cheapest and usually the best for small entities is a LLC or LLP, depending upon your product. I actually learned something from the business class last semester. Yea! Not a total waste of time and money. My insurance is thru AutoOwners. |
RE: Risk management
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| Looking into it Marla, Thanks. |
RE: Risk management
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| In Indiana, for SubChapter S corps, there is a $200 fee every other year to maintain your corproation. Or at least in 2002. |
RE: Risk management
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| it is best to get liability insurance. incorporating may save you from creditors but it will not save you from personal injury lawsuits. same for an LLC. |
RE: Risk management
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| Thanks, Randy. I don't plan on having any creditors at this time. Should I ask my market managers if they have policies I could get affiliated with some how? They know I don't have insurance yet. |
Answered my own question
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| O.k. Market manager doesn't offer the chance of adding on the their policy. Got lots of good leads now. Thanks, |
RE: Risk management
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| i found a product liability provider for farmers market vendors. |
Here is a link that might be useful: vendor liability insurance
RE: Risk management
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That may be the way to go too, Randy.I'll remember that link. Checking it all out.
Thanks. |
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