Business Plan Employee Chart

Small business insurance?

This is for a project in college: i plan to open a small sports cards and memorabilia shop, no employees, i plan to run the business myself, i used a 750 sq ft. shop. I figure i would need fire, theft, liability, and probably other i’m not familiar with. I price in order to complete a pie chart. Thanks

Of course you can get insurance for stock like that without any problem, what do people think antique & book dealers, art galleries, museums etc do… go without cover ? I can promise you from personal experience it’s not that difficult to get, but enough pontificating.

You’ve named the holy trinity of ‘Third Party’, ‘Fire’ & ‘Theft’ (you’d probably buy as one ‘commercial risks policy’), but if you were opening a shop you might also consider business interruption insurance. This will pay out if for any reason you can’t open your shop, not only in circumstances where say the shop has burnt down, but also where something happened ‘elsewhere’ … say there’s a major power outage in the area and you can’t open the shop because you have no lights…. Business interruption would pay out for lost sales. I know that practically a shop like this probably wouldn’t lose much business by being shut for a day or two, but it is an option you should at least cover in your project to show you’ve been thorough.

As for insuring the stock… now I don’t know much about baseball cards (more of a cricket man myself) but like any ‘collectible’ I’m guessing you have a lot of cards worth less than $20 (especially if you need a shop to show them off) and a few that are worth a whole lot more. I don’t think you’d have any problem getting stock cover where you insure a maximum of say $20,000 worth of stock, with no single item being worth more than say $100. Something like that will surely cover 90% of your stock and since you’re subscribing a low asset value to any one item, valuing them is fairly irrelevant (it’s the volume that matters). The underwriter would also insist on a deductible ($500 ?) to keep ‘moral hazard’ down.

Of course good stock control and record keeping is a must (receipts etc) to prove your stock levels and obviously you won’t keep your records in the same place as the cards, though you’d be amazed how many people do !

Now… for your 1929 Babe Ruth Hubba-Bubba misprint card, of which there are only 20 in the world and is worth $5,000… you get separate insurance and a fireproof safe to keep it in, as that will probably be a condition of cover !

A specialist insurer (of which there are MANY) will have no problem taking your money… you say it’s worth $5,000 they charge a premium based on $5,000.
BUT, if you want to claim, you’ll have to prove it was worth $5,000. Two ways you can do this, you either pay up front to get it appraised by an accepted expert (Sotherbys ?) or you show what the market value is by research (if the other 19 are on sale for $2,000, you‘ll have trouble claiming yours was worth $5,000). Sounds a hassle, but you’d have to do something like that to know how to correctly price it for sale anyway !

Trust me, this is very common.. I’ve worked for companies that insure Stradivarius violins… Van Gogh paintings … memorabilia is not really much different.

Good luck with your project, if you have any other general questions (I’ll help, but I’m not writing it for you!), feel free to drop me a line.

Or as the first poster says, phone a good local agent/broker tell them what you are doing and ask…. chances are they’ll point you in the right direction !

Oh and Babe Ruth was a baseball player right ???

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