Product Liability Insurance

[soul5]

Hey all, looking to purchase this type of coverage for my online toy retail store. Roughly $30,000 a year selling Bluey plush and figurines. Age group targeted is 3-5 years (preschool). What should something like that cost me a year?

 

[echo2788]

@soul5 Sounds like you need to call a commercial broker.

 

[soul5]

@echo2788 I am in the process of doing that. Some are declining due to children’s toys being high risk so its not as straightforward as it sounds like.

 

[echo2788]

@soul5 Most of them are declining because they don’t have anywhere to put it

 

[soul5]

@echo2788 What do you mean by that? I have a properly registered general partnership.

 

[echo2788]

@soul5 Different brokers have access to different companies. When it comes to stuff like yours, it’s much more complicated than just insuring your car or where you live.

 

[echo2788]

@soul5 No, it wouldn’t be.

 

[pinetowntree]

@soul5 What province are you in? My company would take this risk on and I can DM you an office near you if you are willing to share where you are.

 

[soul5]

@pinetowntree I am in British Columbia. I got a quote for $5k premium which is unreasonable considering the expected revenue and considering the fact that they are well established toy brands currently distributed throughout Canada in large store chains. I am not introducing new or artisan toys.

 

[echo2788]

@soul5 Your estimated income likely wouldn’t matter unless you had business interruption coverage.