When you open a manufacturing facility, commercial insurance is required. The terms of my first cabinet shop lease set the requirement at a $100,000 minimum coverage policy amount for liability. I had my lawyer review the lease, he said it was standard verbiage. The annual cost was $600 for a $500,000 blanket protection agreement. Auto, truck and storage trailer coverage was needed as well.

My provider allowed me to set up a payment plan which required a 30% deposit and the balance was then paid in semi annual installments. Once the agreement was signed, I was sent an excessively large book with all of the claims, accidents, hospitalization coverage and liability information assembled inside. I threw it in a drawer and prayed I’d never need to ever read it.

Prior to opening the Florida based cabinet company; I had factored the amount into a business plan. The quotes I received were from companies that friends had recommended. I eventually choose a company in Sarasota Fl., Russ Jordan Ins.

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