A Solution for Our Insurance Requirement

I know, I know: could I have chosen a less interesting topic? Insurance is quite simply the least fun thing I spend my company’s money on. It’s worse than taxes, toilet bowl cleaner, and banking fees. It’s the only expenditure I hope I never see a return on because if I do, it’s because something bad happened and caused me to file a claim.

Despite all this, having business insurance is a very, very good idea for any entrepreneur - no matter how small you are - because in the end, you’re protecting yourself and your interests against that one unfortunate situation or individual who could really end your world as you know it. Being sued is expensive, time consuming, horribly stressful, and, chances are, you could be found liable for medical bills or fraudulent charges that sincerely weren’t your fault and yet for which you (and your business) are responsible.

The fact is, if you transact or interact with people on any level (even if it’s purely online) you should have business insurance. Indeed, we require it at The Seedling Collective when a member rents the studio for any pop-up or workshop because of the inherent fact that such events involve people and, well, people can be unpredictable. That being said, we know it’s not always feasible for an independent business to invest in business insurance year-round. So, we’re offering a solution. We worked with our own insurer to research short-term plans available to entrepreneurs for single-day or short-term options and we’re happy to share their suggested plans with our members. The brochures are straightforward and the plans are designed to accommodate either retail sales set-ups or workshops - you choose the option that suits your event best. Better still, the premiums range from around $135 to $175 depending on whether your event is privately ticketed or open to the public. Yes, it’s still an added cost but trust us, it’s a lot better than paying for someone’s medical bills out of pocket because they broke an ankle on your shoe display.

If you’re interested in booking The Studio and want to pursue one of these short-term insurance options, you can find all the details about these plans on our memberships page. Please note that we don’t broker these policies or make any money off of your use of them. We’re simply offering the fruits of our research to you so that you can go ahead and focus on what you do best: building your business.

Meaghan Foran