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    A Startup with Solid Liability Coverage: Help Please!
    Hello,

    What is the most cost effective method for a startup with solid liability coverage? I want to test out a product idea I have as well as use this potentially as a launch platform for several others. The per unit price for this first electronic device I am looking at manufacturing and retailing is $80/unit. I am at production now, but I need a business!

    So far though, the liability exposure and the cost to overcome seem prohibitive. What are some extremely low or medium cost options - there must be some.

    I have looked at incorporating, but the $800 min tax in CA with the required insurance, min reasonable amount to fund an account seem a bit much. A sole proprietorship does not look to be ideal considering the potential long term liability exposure (but I could be missing something - maybe there is an insurance policy that is ideal).

    I am a bit frustrated, since all I want to do is run an ad for a couple of months, sell about 50 of these units and decide where/how I want to proceed. I do not want to have to make an extremely long term plan for this business to break even and I want to have full liability coverage. Ideally, this would be a short term break even (or slightly negative venture) and decide where I want to go from there.

    Thanks for any advice!

    Alan


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    Limited Liability Company
    I would recommend an LLC. You get limited financial and legal liability coverage. It's similar to an S-Corp but not a corporation. You won't have the same administrative overhead as a corporation and you are taxed as an individual. You can setup an LLC in any state at websites like bizfilings.com. As far as liability insurance and other types of insurance, i'm not familiar with the costs.

    Mark


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    Products Liability
    Hello,

    What you should be looking for is Products Liability. This coverage will continue coverage for defects or any liability your products are liable for. some policies will have what they call a "Sunset Clause" to cover your product for up to 5 years into the future. It will also cover Recall Expenses if ever needed.

    You may contact me at 510-653-8880 if you have further questions about this coverage. I specialize in Commercial and Personal Lines insurance

    Curtis Lam


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    Try to get a LLC. Did you think about the licensing of your electronic device? You can't sell it without it being approved by a bureau because all electronic products can be unsafe. I would try to find some information about that because you wouldn't want to invest in anything big unless you know you can really sell your product.


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    Try out to get a LLC. Do you consider the particular licensing of the computer? You simply can't promote the item without having the item qualifying by way of bureau since all electric solutions could be harmful. I'd personally look for several details about that as you couldn't wish to purchase anything huge until you understand you possibly can really promote the product or service.


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    If you have a business


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    Last edited by ANewDay; 08-06-2014 at 09:13 PM.
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    for which type business is this?


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    As a small business owner, finding the right insurance that meets your needs can be a challenge. For most businesses, including startups, general liability insurance should be considered a requirement. It can be hard to know what insurance you need when embarking on a new business venture. Startup businesses have different needs than established companies and require an insurance plan that grows with the business.

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