When you hear the word “insurance,” you might think about personal forms of insurance, such as health insurance and auto insurance. But did you know that if you run a business or create a product, you might need business insurance too? If you’re involved in a craft like candle-making, insurance is especially important to protect your business and your assets. Here’s what you need to know about candlemaker insurance.
What is Candlemaker Insurance?
Simply put, candlemaker insurance is made up of 1 or more business insurance policies that will protect your candle-making business.
Candlemaker Insurance Explained
Unfortunately, there is no 1-size-fits-all insurance policy. So, your candlemaker insurance might be 1 policy, or it might be made up of a few different policies, depending on your business operations. Here are some business insurance types you should look into as a candlemaker.
General Liability Insurance
A general liability insurance policy is 1 type of candlemaker insurance that everyone in the business should have. This policy can help protect your business by compensating for any damages your company is sued for. Some of the risks that a general liability insurance policy can cover are:
- Bodily injury
- Medical payments
- Property damage
- Personal and advertising injury
- Legal defense and judgment
Here’s an example of when a general liability insurance policy might be used. Let’s say you’re participating in a craft show. If one of your candles is lit and starts a fire, you and your business could be sued for the damages caused by the fire. Another example is if, at that same craft show, a customer drops a candle that they were looking at, causing it to fall and shatter all over the floor. If the glass from the candle cuts anybody, your business could be sued for damages. In each of these examples, you could file a claim with your general liability insurance company to help you mitigate the legal defense and pay out any damages required of you.
While general liability insurance is the main type of policy you should have, other insurance policies might be worth considering.
Product Liability Insurance
As a candlemaker, you are producing products, and this can expose you to additional risks. If someone becomes sick or gets injured from ingesting or otherwise using your product, you could be held liable for their illness or injury. Candles can also cause property damage by causing a fire, so if one of your candles causes damage to a customer’s home, you could be held liable for that as well. No matter what the situation is, a customer could file a lawsuit against your business — even if your product is not faulty.
Some insurance companies might offer a package that includes product liability insurance as well as other types of insurance. Other companies might only offer product liability insurance as a stand-alone product.
Commercial Property Insurance
If your business has an in-person location, you might want to look into commercial property insurance, even if your business is run within your own home. A commercial property insurance policy is a lot like a homeowners insurance policy, in that it covers the structure of the business location as well as the equipment and products in the building. It’s important to keep in mind that even if you run your business at home, your homeowners’ insurance policy might not cover your business equipment and products.
Commercial Auto Insurance
Similarly, if you use a vehicle for business purposes, you may need a commercial auto insurance policy. If your vehicle is solely used for business purposes, it can only be covered by a commercial auto insurance policy. If your vehicle is used for personal and business purposes, you may or may not need it, depending on your situation and personal auto insurance policy.
Best Candlemaker Insurance
To get candlemaker insurance, you’re going to need to find a company that can cover all of your business’s needs. These companies are a good place to start your search.
Best for Small Businesses: Hiscox
Hiscox (OTCMKTS: HCXLF) is a leading business insurance company that specializes in small businesses.
Hiscox offers everything you need for your candle-making business, including general liability, professional liability and commercial auto insurance policies.
You can get a quote online from Hiscox’s website, and you can also call a representative for assistance on weekdays.
Best for Tailored Coverage: Simply Business
Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business. Whether you’re looking for construction workers' insurance or liability insurance for your startup, Simply Business even helps you find the right insurance for candlemakers at the right price. Don’t turn to a thousand different carriers when you can get help from Simply Business.
Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers to protect your business and safeguard yourself. You can also look into business owner’s plans, additional liability insurance, commercial auto and more that will cover everyone on your team, and you can get covered in accordance with state law without overspending.
Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.
Best for Bundled Policies: The Hartford
The Hartford (NYSE: HIG) is another leading small-business insurance provider.
This company suggests its Business Owner’s Policy (BOP) for most small businesses. The Hartford’s BOP includes general liability insurance, business property insurance and business income insurance all in one.
You can also purchase other types of business insurance from the company, including commercial auto insurance and product liability insurance.
Best for Specific Candlemaker Policies: Thimble
Thimble focuses on offering insurance for many small-business industries, including candle making.
Thimble's candlemaker insurance policy is specifically designed to cater to the needs of this unique business.
Thimble includes general liability insurance and product liability coverage. You can get a free quote online.
Best for Multiple-Policy Discount: Next Insurance
Next Insurance is a lesser-known name that offers all of the key types of business insurance. You can purchase general liability, professional liability, commercial auto and tools and equipment policies from this company. Like other companies, you can get an instant free quote online or by phone. Best of all, Next Insurance offers a 10% discount when you purchase more than 1 policy.
Best for All-in-1 Insurance: Travelers
Travelers is a good choice if you prefer to keep your business and personal insurances all with the same company.
For business insurance, Travelers offers general liability, commercial property, small-business owners and other policies. Travelers also offers personal insurance products including auto, home, renters and pet insurance.
How to Compare Candlemaker Insurance
It can be overwhelming to have several choices, but there are some key steps you can take to compare and choose your insurance company.
- Get quotes from multiple lenders — you can even use a quote comparison site if you want to.
- Consider each company’s policy coverages in addition to its insurance rates.
- Make sure your policy limits and deductibles are in line with the coverage your business needs.
- Be sure to leave room for growth so you can continue using your insurance company as your business grows.
- Speak to insurance agents and ask questions if you need help.
How to Buy Professional Liability Insurance
After you’ve gone through all of the steps to figure out what policies you want and the company you want to purchase from, it’s time to buy your candlemaker insurance.
Most insurance companies — such as the ones listed above — offer the option to purchase your business insurance online or by phone. You can choose the option you’re most comfortable with. You’ll want to go through the quote process to see what coverages and amounts are recommended for your business. Be sure you understand the ins and outs of the policy so you know exactly what is and is not covered by your insurance.
When you’re ready, you can proceed and complete the purchase. This will require you to input a payment method, and you’ll likely be able to set up automatic payments as well. In most cases, you’ll receive your proof of insurance as soon as you complete your purchase. Make sure you understand whether your insurance will renew automatically, or whether you’ll have to repurchase business insurance when your coverage year is over.
Do I Need Candlemakers Insurance?
No matter how big or small your business is, it’s a good idea to have insurance policies in place to protect you. Without insurance, you’ll be left vulnerable to any possible lawsuits or complaints that a customer lodges against your business. Even if you’re undecided, you can get an insurance quote for free with no commitment, so there’s no harm in considering candlemaker insurance.
Frequently Asked Questions
Is it illegal not to have business insurance?
In most cases, small businesses are not legally required to carry business insurance. However, if you have a company-owned vehicle or have employees, you may be legally required to carry certain insurance policies.
How much business insurance do I need?
To figure out how much candlemaker insurance you need, you’ll need to consider your business. Some factors to consider are the size of your business, where your business is located, whether you have employees and the amount of risk you face. Any licensed insurance agent can help you figure out what is an appropriate amount of insurance. You’ll also be provided a suggested amount of insurance when you go through the free quote process.