hi i am making a party planning business for my business class. i need to know how much it would cost for insurance. PLEASE help!!
No vehicles
2 workers
located in my home
and anything else ask!
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OK, does your homeowners insurance company know you’re doing this? Because they’re likely to cancel you.
The workers compensation is probably going to START at $1500, if they do any traveling to sites, setting up, tearing down, etc. You can probably get the general liability for around $1,000.
Not sure how a party planner can do the job without a vehicle, but so be it.
There’s a big question to that needs answering: whether or not you want professional liability. Workman’s Compensation covers injuries you workers suffer from a work related injury. Commercial General Liability (CGL) covers bodily injury and property damage you cause by your business actions. Professional Liability covers economic loss caused by your business actions that are not related to bodily injury or property damage. So if you book a hall and the guests suffer food poisoning because the caterer screwed up, then your CGL policy will cover your should be sued (I guarantee you’d be included in the lawsuit) because the suit is related to bodily injury. Now let’s look at this scenario: You were suppose to book Room A at Joe’s Banquet Hall because it can hold 300 guests for the 250 guest wedding, but you accidentally book Hall B which can hold 225 guests, but the error isn’t noticed until the day of the wedding. However it’s too late now and the reception goes ahead. People try and have a good time but it’s miserable inside because it’s crowded, it’s hot, 25 guests had to be turned away because there is no room, etc. The bride and groom decide to sue you because you booked the wrong room and “ruined” the wedding. Since the suit does not relate to a bodily injury or property damage your CGL policy will not pay to defend you or pay the judgment or it’s costs. A professional liability policy will cover you in such an instance, since it’s relating to an economic loss not related to bodily injury or property damage.
A Workman’s Comp policy and a CGL policy can run you between $1,800-$3,000 per year combined, depending on where you are. A professional liability policy for that class of business would START at $4,000 per year.