I've had some very educational conversations with my insurance broker regarding the estimates for insurance for Zoe. I am so appreciative of the many professionals that I have on Zoe's "team"!
Since I'm working on estimates (don't have a specific space yet), I've learned that if I am in a masonry building, it is one rate for insurance, while if I am in a frame building, it is a different rate (based on fire and other hazards, of course). The policies also require that I have a central station alarm system, which will be an important discussion in my lease negotiations. The policies are very comprehensive and cover inventory, fixtures, liability, employee dishonesty and even loss of income.
I'll also have to consider business life insurance for myself (in addition to the personal life insurance I already have) and a retirement plan for myself!
Right now, we are working on the quotation for Workers Compensation insurance. I have to provide an estimated total of yearly salary for my employees and will be audited yearly to see if I have exceeded or fallen below that number. I have a high level estimate of number employees, number of hours they will work and salary. I'm eager to get the results to add to the business plan.