Affordable Coverage? Spa/Yoga/Fitness/ Seasonal Rooftop Bar/ Venue Business = GL Policy Needed

Discussion in 'P&C Insurance Forum' started by Annie3826, Jul 31, 2017.

  1. Annie3826
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    Annie3826 New Member

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    Thanks up Front for your suggestions.
    I own a 4000 s/ft building that is insured and is in the name of my LLC. I also own a Spa business that rents from my LLC. My LLC has a liquor license that "rents" the use to my Spa business.

    My Spa business has been uninsured since Nov 2016. My business is a Spa/Wellness Ctr/ Yoga & Fitness studio. We opened in 2012 and were covered by a State Farm medical policy. There has never been any claims. My medical policy (approx $657 per year) with State farm (they dropped me in Nov 2016) when I inquired about a new policy to split off my "gym".

    My Spa business also has a rooftop bar that is seasonal, 3 months a year, weather permitting total revenue =$5000. In essence my Spa business rents the "liquor license" from my LLC that owns the buiding.

    I had a flood in the building that closed my biz down for a few months and now I'm back up and looking for a new policy.

    I am considering expanding my business and offering a Venue rental option. When I apply with the Venue / Spa / Gym / Seasonal Bar I can not find a policy for under $3000. I understand its the cost of doing business. But the revenue generated from the Bar is such an afterthought, I'm considering dropping the bar if it makes my policy premiums rise that much as it is "on the roof in Colorado".

    OR should I split my bar off and DBA it seperately from the Spa, so the SPA insurance goes down and the seasonal roofTop bar is insured separately? Is it the bar that is raising the premium quotes? is it the Venue addition? Is it the Fitness Studio? I understand that the combination of what I'm doing is unique and in a large city it would all make sense. Im in a very small (summertime touristy) town in Colorado 6000 people with summertime venue options but not year round. Help anyone?

    Agency suggestions to handle my Q? Two other agencies quoted $3000 each. Cost of doing business and suck it up?
     
  2. Rick Deckard
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    Rick Deckard Well-Known Member

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    So presumably 2 agencies both quoted you $3k, what am I missing? You went to one doctor, then got a 2nd opinion which confirms the 1st opinion and now you want to try and go on to the internet, the mother of all misleading information.

    Honestly, yes pick one of those 2 agencies that worked hard getting the quote together and feel good about it. Do you know what the typical Commissions are on most Commercial Insurance? 10%...so these folks are working hard for a whopping $300, just trying to put in perspective.

    Good Luck with your business, hope things work out well for you. I used to own a moving company prior to insurance, it's not easy running a business.
     
  3. alperbehar
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    alperbehar New Member

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    We have several SPA clients and great carriers for your business. Please reach out to me through "behar insurance c o m"
     
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