Business questions? Please help?

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  • Business questions? Please help?


Answer #1 | 19/12 2013 18:28
Ice cream shops don't have enough profit margin to include the luxury employee benefits you're talking about - life insurance, health insurance, long term care coverage, disability coverage. They mostly all stop at property, liability, workers compensation (required, but you forgot to include) and umbrella/excess liability coverage.
Answer #2 | 20/12 2013 10:29
You would get what is called a BOP (business owners policy). That is a premade package for your liability and property coverages with a lot of extras added. You can consider purchasing an umbrella above and beyond, but $1 million is usually enough. You would also need Workers comp for your employees The other coverages are not needed, but you can consider them.
Answer #3 | 21/12 2013 11:35
You have to prioritize between what insurance you need and the insurance you desire. First is going to be Property and Liability Insurance. If you are operating under a franchise agreement it will be contractually mandated by the franchisor. So that falls under needed. As others have noted Workers Compensation is likely mandated by state law (and probably in the franchise agreement) so that is in the needed category. In some states disability insurance is mandated by the state so another "needed" if your business is in one of those states. For health insurance, as a minimum, it will be required by federal law for you as an individual. For your employees, group insurance only has to offered if you have over 50 employees. Thus it may fall into the desired category but understand it is a very expensive employee benefit. Other than rather large companies long term care is rarely offered as a group benefit. Individually, for yourself, it would fall under desired (depending upon your age).

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