One of the benefits of membership in the Indie Business Network at the ENTREPRENEUR MEMBER is access to our affordable general and product liability insurance program. Our insurance is provided through a third party broker. (See below). It is also priced separately from membership. Once you join the Indie Business Network as an ENTREPRENEUR MEMBER, you will receive instructions and a link via email to purchase insurance coverage. To learn more, please browse our Frequently Asked Questions below. If you don't see your answer here, contact us!
What types of products are covered?
Products eligible for coverage include handmade: soap, cosmetics, candles, wax melts, and jewelry, including but not limited to these types of products: face and body lotion, color makeup, bath salts, perfume, essential oil blends, candles made with gemstones, herbs and other embeds), perfumes, nail polish, body powder, body oil, foot powder, shampoo and conditioner, deodorant, face and body scrubs, hand cream, bath bombs, eye cream, herbal salves. This program does not cover products that make drug claims. NOTE: We can quote you for products that are not handmade, and the quote for those is higher than what is available on demand on our website.
What types of products are NOT covered?
The program does NOT cover the following types of products: acetone-based products, aerosol products, products containing cannabbidoil (CBD), any product containing talc, any product requiring a prescription, digestible products of any kind, drugs or medicines, nutritional supplements, formaldehyde or products containing formaldehyde, furniture, household cleaning products that are not made with organic and/or natural ingredients, ingestible hemp products, invasive body inks, invasive products intended to remain within the body, nutraceuticals, permanent cosmetics, pharmaceuticals, plug-in electrical products, suppositories, tanning beds or tanning equipment, toys (except when sold in conjunction with an eligible beauty product), and vitamins and supplements.
This is not an exhaustive list of products that are not covered. If you are unsure as to whether or not your product is covered, please contact us.
How do I know if my product is “handmade” for purposes of the coverage?
For purpose of this coverage, “handmade” means you either made the product from scratch by hand yourself, someone under your control made the product from scratch by hand, or you purchased the unscented, unflavored and/or uncolored product in bulk and added your own scent, flavor and/or color and/or other additive, and the poured, packaged, and labeled the product yourself. If 80% or more of your products are “handmade” within this definition, then they qualify for coverage under this policy. If less than 80% of your products are NOT “handmade” within this definition, then you may qualify for the Non-Handmade Candles, Jewelry, Soap, Cosmetics (includes Topical Hemp CBD) program also described on this page.
If you are unsure as to whether or not your product is covered, please contact us.
What does the general and product liability insurance coverage cover?
The policy is Commercial General and Product Liability policy. The base limits are:
$1,000,000 General Aggregate Limit
$1,000,000 Products-Completed Operations Aggregate Limit
$1,000,000 Personal and Advertising Injury Limit
$1,000,000 Each Occurrence Limit
$300,000 Damage to Rented Premises Limit
$5,000 Medical Expense Limit
Business Personal Property coverage is also available (see below), and covers “miscellaneous property of a floating nature.” This means it covers the type of property you use in your business that is “tangible property you own or is in your care, custody or control.” Example of this type of property are inventory, packaging, and equipment you use in the course of conducting your business. The limits are:
$1,000 Maximum Payout Per Single Item
$5,000 Total
$100 Deductible
Identity Theft coverage limits are as follows:
$15,000 Aggregate Limit
$250 Deductible
What is the price of the general and product liability insurance?
You can purchase coverage on demand at our website after you join, and the pricing is as follows: $1,000,000 annual aggregate coverage is $275 per year, or
$2,000,000 annual aggregate coverage is $330 per year.
Additional premiums are available and quoted separately for companies requiring additional coverage. If your products are not handmade, we can quote you, and your quote will be more than the above and will depend on the nature of your non-handmade products. You may request a quote before joining by sending an email to support@indiebusinessnetwork.com.
Can I purchase business personal property coverage?
Yes. It is separately priced from the general and product liability coverage described above.
You also have the option of purchasing business personal property coverage. The is component of the coverage is designed to cover business personal property such as computer equipment, office supplies, and product inventory. This component of the coverage not cover structural property like a building. Business personal property coverage pricing is as follows:
$1,000/$5,000 :: $110.00 per year
$5,000/$10,000 :: $126.00 per year
$10,000/$20,000 :: $230.00 per year
$15,000/$30,000 :: $310.00 per year
Who is the Insurance Carrier?
Who is the Insurance Broker?
What if I need coverage that is not offered through IBN's online program with Veracity Insurance Services??
If you require coverage that is not offered via our online program with Veracity Insurance Services, you may be able to obtain coverage via another partner company: Insurance Canopy.
Insurance Canopy is a national retail insurance agency representing over 20 insurance carriers. Insurance Canopy has partnered with Veracity Insurance Services (our lead partner) to provide IBN members with alternative insurance options that may not be available through Veracity Insurance Services.
Insurance Canopy works with IBN members that may not qualify for Veracity Insurance Services's online insurance or have additional coverage needs such as commercial property, additional inland marine limits, ocean marine cargo or high excess liability limits that cannot be provided through Veracity Insurance Services.
Through our partnership with both Insurance Canopy and Veracity Insurance Services, IBN is able to provide you and your company with a comprehensive portfolio to meet your current and future insurance needs.
Can I purchase insurance if I am a PROTÉGÉ MEMBER?
No. You must be an ENTREPRENEUR MEMBER of the Indie Business Network in order to purchase our member coverage.
When should I purchase coverage?
You can purchase coverage anytime, so long as you are a current member of the Indie Business Network. If you are not a member and you purchase or renew insurance through this program, it will be canceled unless the membership is brought current. A purchased policy will expire a year from the day it was purchased. While Indie Business Network membership and insurance are purchased separately, and you do not have to purchased them on the same date.
Do I need an EIN or be operating as an LLC or corporation in order to purchase coverage?
No. While you may wish to set up an LLC or corporation, and/or get an Employer Identification Number (EIN) for your business through the Internal Revenue Service, and we recommend you do so, you do not need an EIN, nor do you need to be operating as LLC or corporation in order to purchase our coverage. You can buy coverage as an individual solo entrepreneur or sole proprietorship, or as an LLC or a corporation, depending on how your business is set up.
How do I increase coverage from $1,000,000 to $2,000,000?
If you already have $1,000,000 in coverage, or if you have $2,000,000 in coverage and want to increase to more, please contact Insurance Customer Service at 844-520-6994 or info@indiebusinessinsurance.com for assistance.
Can I purchase more than $2,000,000 in coverage?
Yes. Once you purchase $2,000,000 in coverage, you can obtain increase your limits through an umbrella policy. The additional coverage is quoted on a case-by-case basis. Contact us for instructions on how to obtain a quote for your individual business.
Can I pay for my insurance in installments?
No. The insurance broker does not offer installment payment options at this time. All coverages are purchased on an annual basis and payments are made in advance.
Is the insurance premium refundable?
No.
If I sell my business, is the policy transferable to the new owner?
No. The new owner would have to procure their own coverage.
Does obtaining this insurance change my Indie Business Network membership dues, or any of my other Indie Business Network member benefits?
No, it simply adds to your benefits.
Is there minimum annual revenue requirement with this insurance?
No.
Is there a maximum annual revenue cap with this insurance?
No, but if this program is significantly insufficient for your commercial manufacturing and/or retail establishment, your premium may be higher.
How do I purchase product liability insurance through this program?
Simply join Indie Business Network as a full member. After your membership dues are processed, you will receive a link to the page to secure your insurance, with instructions on how to purchase coverage. The entire process takes about 10 minutes and your insurance certificate is emailed to you immediately. (Remember to check your spam folder if it's not in your inbox!) It's that easy!
When will my insurance become effective?
Your coverage is effective immediately upon receipt of payment. Your insurance certificate is emailed to you right away. If it's not in your inbox, remember to check your spam folder!
Do I qualify for the insurance if my business is located in a country other than the United States?
Our program offers coverage for businesses that are located in Canada and the contiguous 48 United States, and in Alaska and Hawaii. Our US program does not offer coverage for businesses located in Puerto Rico and the US Virgin Islands (St. Thomas, St. Croix, and St. John). For information about our program for Canadian businesses, click here.
Your business must be physically located in Canada or the US (as described above) in order to qualify for the insurance program. However, the policies do include coverage for short term business activities which may occur outside of the US or Canada (such as traveling to a trade show), and for your products wherever they are shipped. *This is a very basic summary of coverage and not intended to imply actual coverage details. If you have any questions, please contact us at support@indiebusinessnetwork.com.
Do I qualify for insurance if my business is in Canada?
The program provides coverage for businesses located in Canada, except for Quebec, starting at $400 per year. At present, the Canadian program is temporarily closed to new members so we can update the program to serve you better.
Are cosmetic products made for pets e.g. dog or cat soap or shampoo covered?
Yes, if they are handmade by you.
How will I receive my certificate of insurance?
It will be emailed to you immediately after you purchase the policy.
What if I want to include Additional Insureds?
You can simply log into our insurance portal using your username and password and add Additional Insureds at any time on your own and then print out your new certificate. There is no additional charge for this service!
Can I join Indie Business Network and not get the member insurance?
Yes. The insurance program is one of the benefits of IBN membership, but it is not required that you purchase it. Many new entrepreneurs join IBN long before they purchase insurance so they can learn from our training and coaching and establish a firm foundation for their business before they start selling products.
What if I just want the insurance? Do I still have to join the Indie Business Network?
Yes. The insurance is a benefit of membership in the Indie Business Network as an ENTREPRENEUR MEMBER. Join us, and you'll see that we're much more than an insurance portal!
Is general and product liability insurance included with my Indie Business Network membership?
No. General and product liability insurance is an optional benefit available exclusively to our ENTREPRENEUR MEMBERS. Insurance is priced separately as described above, depending on whether you purchase $1M or $2M in coverage. Join today at this link.
Who do I contact if I have a question that is not answered here?
Most questions about the product liability insurance coverage are answered here. If you have a question that is not answered here, please contact us at support@indiebusinessnetwork.com.