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Business plan information

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  • Business plan information

    I am putting together a business plan for a shop I will open soon. I am able to get most of my numbers except I am not sure how to get an accurate general liability insurance number. I currently do not have a facility, I am using the business plan to help get financing, and insurance companies don't seem to want to respond to me when I can't give them concrete numbers. Any advice? Thanks

  • #2
    Just give a rough estimate of insurance payments being between 400-700 per year. Thats for a 2million dollar liability policy
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    • #3
      When I had my last salon I had a million dollar policy and it cost me just over $300 a year but I know it's different in different parts of the country. Just give it your best guess.


      • #4
        Thanks. This gives me a good starting point. I always like to account for my expenses to be a bit higher than may be the actual.


        • #5
          $1000 couldn't hurt either, always best to overstate expenses and understate income.

          It really will depend upon where you are at? Some urban areas of West Coast are certainly close to $1000, I have a few clients over that but they also had to get special plate glass insurance of picture windows, and they got extra professional liability, and they were in cities.
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          • #6
            I forgot about that. If you're in strip mall sort of place you will normally have to purchase window insurance and that will cost you quite a bit extra.