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Officially launched our BBQ company today

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Smoked Signals
Smoked Signals Posts: 505
edited November -1 in EggHead Forum
Smoked Signals BBQ LLC is offical as of today. Decided it was time to step up and protect my savings/investments with a little legaleze. Insurance is the next step. Does anyone carry more then 300k general liablity? I am trying to decide between 300k and 1M.

Cookout for 250 next weekend (meat only)... makeing over 60 lbs of pork between now and then. Egg is running in a complete frog drowner this evening.

Any advice is appreciated.

happy Eggin'
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Comments

  • WessB
    WessB Posts: 6,937
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    Congrats and good luck..it's a tough world right now..but we all gotta eat..
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  • Mark0525
    Mark0525 Posts: 1,235
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    Hey Wess you're so right...it's tough out there!!! Hang in there :)
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  • Car Wash Mike
    Car Wash Mike Posts: 11,244
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    There wasn't much difference in my general, the work comp was huge. What are you getting per lb. for pulled pork?
    Good luck,
    Mike
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  • Fidel
    Fidel Posts: 10,172
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    My personal and business opinion is that you can never have too much general liability insurance. The premium difference is really not much for the added peace of mind.

    I carry a lot more than $1M in liability. Combined totals between personal and business insurance policies in the $15M range.
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  • big hound
    big hound Posts: 103
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    I've owned restaurants, nightclubs and bars. 300K in liabality is not enough, especailly if you're going to sell beer. I'd go with a million, and hope you never have to file a claim, cause if you do, they'll probably cancel you. That's how insurance companies seem to do business these days.

    Good luck with your new business.
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  • Smoked Signals
    Smoked Signals Posts: 505
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    we are just catering .. no beer or wine. No storefront ... just selling pork and other meats out of our house. Mainly worried about sick patrons.
    thanks for the tips!!!
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  • thailandjohn
    thailandjohn Posts: 952
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    For sure carry enough insurance to cover all your current assets and what you think you might have in the future.

    Normally it does not cost much more for the higher limits.

    Insurance is something we hope we never use, but you better be covered correctly.

    Make sure you have a good insurance agent or someone that really understands insurance to advise you.


    http://jvp.smugmug.com/Barbeque




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  • Smoked Signals
    Smoked Signals Posts: 505
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    $7.00 for pork ... doing pastrami for $12.
    probably a bit low on teh pork but I have a pellet guy doing it in mass quantity much cheaper then taht around here.

    no employees so no work comp ... i still have my real job. (its a hobby that i am insuring for right now) :)
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  • Car Wash Mike
    Car Wash Mike Posts: 11,244
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    I guess you're in a county with not many health restrictions. I am sure you're keeping every thing safe, but maybe after it is sold they are not. I am getting $12 for pork. Cold and in packs to be heated at home. Never tell the difference.

    Mike
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  • Smoked Signals
    Smoked Signals Posts: 505
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    sell mine frozen and vac. sealed.
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  • Brokersmoker
    Brokersmoker Posts: 646
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    Insurance is the thing most people consider last and least! Can't remember the last time that I heard about a law suit starting under a million. Much better to have more than you think that you would need.

    I do sell insurance (life and long term care). Always tell my LTC clients that I hope they waste the premium money and never need it. Your in that same boat. I hope you waste your $$.

    Good Luck
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  • Jai-Bo
    Jai-Bo Posts: 584
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    Good luck on the business venture.... B)
    Hunting-Fishing-Cookin' on my EGG! Nothing else compares!
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  • Zippylip
    Zippylip Posts: 4,768
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    with all due respect, if you can't remember the last time you saw a lawsuit starting under a million, you have a short memory. The overwhelming majority of lawsuits begin and end under $50,000. Also, it is wholly irrelevant where a a lawsuit "starts", it "ends" at its value. If I demand $10,000,000 for my $6,000 lawsuit, I'm gonna end up with somewhere in the neighborhood of $6,000 in the end. So while I agree with your advice to buy as much insurance as possible, it is only for the extremely unlikely scenario where a lawsuit may warrant huge damages, lets not mischaracterize what is really going on in courtrooms nationwide.
    happy in the hut
    West Chester Pennsylvania
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  • big hound
    big hound Posts: 103
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    Don't forget slips and falls, sliced fingers, accidental bumps if you have employees, car crashes on the way to the event. I once had a bartender who bumpped her hand on a cooler and ran to the Dr. for ex-ays. $500 bucks I shelled out on that one.

    I had a doorman who took a beer bottle in the head, it was thrown by a regular customer at his girlfriend who caught him cheeting. That one cost me $3,000. Wish he would have thrown a brisket at her instead, it would have been much cheaper.
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  • big hound
    big hound Posts: 103
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    I don't know about that, Years ago I had a guy try and beat the hell out of my bartender. He came in second in the fight. He took a swing, lost his ballance and face planted on the floor. Ended up with a gash on the side of his head.

    He ended you filing suit for $750,000. I hired my own people to research and found he got his butt kicked pretty badly out in Hollywood a week later and was using the photos of that fight in the suit against my bar.

    It was a scam, but his lawyer was going to go forward with the suit. I was glad I had $1,000,000 in insurance just in case. However, the final outcome was the insurance company refused to pay a penny. He then asked for S25,000. My lawyer would have charged me $3,000 to handle the case, so I offered the guy $1,500 to go away. I worked.
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  • Zippylip
    Zippylip Posts: 4,768
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    big hound, I'm not sure why you say you "don't know about that", you made my exact point with a real world example. What relevance did this numb-nut's 'demand' for $750,000 have in the final analysis? Exactly none. His case was a piece of crap from the gate, and it ended where it should have. Would you have given him one more nickel if he had asked for 750 million, 750 billion....? No.
    happy in the hut
    West Chester Pennsylvania
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  • big hound
    big hound Posts: 103
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    I was just pointing out that we are in a sew happy society, and the more protection you have the better. Just because mine turned out okay, doesn't mean that others will. I just happen to feel more comfortable knowing that I have a million dollar policy.
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