Question about business school and material.

Please help! Business INSURANCE Question! (school project)?

• Ok so i really need some answers please, ive been calling all day to insurance companys and they just dont seem to give an "estimate" answer because this is a school project! but please can anyonne help me! Please dont write anything stupid i just need help... Well..Im opening a Flower shop and the place will be 1,400 sq ft with 6 employers. What i need to know is the following prices: Just an estimate amount doesnt have to be accurate please some1 help! -liability insurance -Business property insurance -workers comp -excess liability -employment practices liability coverage -life insurance and other insurance you thin i may need, with an "estimate amount" thank you!

• Answer:

  You mean employees. I've insured these. First of all, that's a HUGE amount of space, for a flower shop - and six employees is WAY WAY too many. But. For a flower shop, you'll want to pacakge the liability and property coverage together, for a "bop" form - which should run you $500 total. The workers comp will run $1500 or 10% of payroll, whichever is HIGHER. You don't need excess liability, but it's going to cost you $1,000 per million of coverage. I've insured LOTS of flower shops, and none of them have EVER carried employment practices liability coverage or life insurance for the employees. The EPL is going to start at $2500, and I have no idea what the life insurance would run. You'll probably need a van to deliver flowers, though - so you'll need to budget $2500 for insurance for that, assuming no youthful drivers, and a paid for van, and liability coverages only.