How To Get An Accurate FLIP Bakers Insurance Quote
Whether you own a bakery is a startup or one that has been around for years in your community, you need bakers insurance to protect your assets. Insurance is an important asset to carry while pursuing your entrepreneurial dreams. Before you jump into a policy, you want to know how much insurance will cost and how you can build a policy for your needs. Your quote will depend on a variety of factors and what you deem necessary to protect your endeavor. To give you a better idea of what those factors are, today we will go over how you can get an accurate bakers insurance quote from FLIP.
Let’s jump into it!
Evaluate Your Gross Sales
Depending on the type of business you run, your gross sales may fluctuate year after year, hopefully seeing a continual increase. You will need to know how much your business is making in order to get an accurate bakers insurance quote.
Insurance coverage from FLIP will start at $299/year if your business is making up to $50,000/yr. Let’s say your bakery is making more and growing at a fast pace. You’ll need more coverage to protect your large operation and we can help you out there as well. FLIP has coverage options for food businesses making up to $500,000/year.
Take Stock Of Your Assets
Baking appliances make your job easier and help you create batches of baked goods in larger quantities. Your investments are worth protecting. Inland marine coverage is designed to protect your assets (i.e., appliances, inventory, and supplies) from damage/theft. It will not cover buildings, structures, or anything being transported over water.
We currently offer two inland marine options for our bakers insurance policy:
$5,000 any one article /$10,000 aggregate (the most your policy will pay during a year)
$10,000 any one article /$50,000 aggregate (the most your policy will pay during a year)
Think about how much money you’ve spent on your assets. Many of our customers opt for the $5,000/$10,000 coverage because it is already included in the $299 price (for those running a business that grosses up to $50,000/year). You can always go for the $10,000/$50,000 option for an extra cost if you’ve spent a substantial amount on your assets.
Determine If You Need A Trailer Endorsement
Trailers come in handy for food business owners. It’s a great way to store your food and supplies all in one place. With FLIP, you can tailor your policy to include a trailer endorsement and protect it from risks. This endorsement is designed to respond while the trailer is detached from a vehicle.
With us, you can extend liability coverage to your food trailer for an additional fee of $150. There’s always an option to decline this coverage and keep your policy price from increasing. If you obtain a food trailer during your policy period, you can always update your bakers insurance coverage and include it. FLIP is designed to grow with you.
Figure Out If You Need Professional Liability
A demonstration or cooking class is a great way to connect with your customers. It also gives you an opportunity to diversify and create an additional revenue stream. Professional liability is designed to cover negligence-related events, such as a client pursuing legal action for failure to perform your contracted agreement.
If you currently have cooking classes/demonstrations or you plan on including these additional services to your business, we offer this coverage for an additional $125.
Decide If Excess Liability Is Necessary
FLIP’s base general liability limit is $2M for the policy term with a $1M occurrence limit and is included in the starting price of $299/year. Contracts may require additional general liability limits or you may feel like you need additional bakers insurance coverage for your business. Excess liability gives you an extra layer of protection above your general liability limit ($2M). Each additional $1,000,000 excess liability limit will cost $500.
The Wrap Up
At FLIP, we care about delivering comprehensive coverage for our food business owners and want to make the insurance process easier. The great thing about our application is you can build your policy and see how much coverage would cost in less than 10 minutes. Simply fill out your basic information, choose your coverages, and checkout! You will automatically receive your online dashboard. From there, you can access your digital insurance documents, update your policy, and more!