Hi Folks
Well Im new to this forum so how about helping me out.
Ive got a 1500 sq ft shop its a very small business and only part time as I have a real job but keep my sanity turning bowls and building furniture.
For over a year now ive been trying to get insurance for my shop building and tools for fire and theft.Ive been through many companies and they all say NO or the one company who said yes wanted 2000,$ per year for 120,000 of insurance.
Whats up does anyone have any ideas on how to get insurance for a wood shop,please let me know
Thanks Bill B
Replies
Insurance
Bill,
I recommend you try a Farmers Agent if you have not already. They have a commercial appetite for a business such as yours. I am a Farmers Agent, but can only operate in Illinois. If that is of to no avail, there are online quoting aggregators that may be able to put an independent guy on to you. Keep looking! Good luck,
Mike
Im a Farmers customer with my home and they won't touch my shop.But thanks for the help.
Funny
My mother once asked me when I was going to get a real job and I have legitimately been in business for 35 years
re insurance costs. you just got to pay the price the price. woodworking shops are always a good place for a fire to happen or tools to be stolen
ron+
high-risk businesses
My guess is that woodworking shops fall into the category of "high-risk" businesses. As such, insurance premiums are higher than one might expect, since claims can be frequent and expensive.
My suggestion would be to talk to an independent agent about the types and coverage levels you need for 1) fire, 2) theft, and 3) liability (the oft-forgotten aspect of running a business). You might end up with different carriers for the different types of coverage. Although you can operate without insurance, doing so means you're essentially risking everything you have, or ever will have, in the event there is a problem, since all of the potential liability falls on you, individually.
Is you shop part of or attached to your home? Or, is it a separate structure?
How is your liability being covered?
Insurance
I as a General Contractor have GL, and no Fire or theft. It’s extremely expensive anyway you look at it, I as well have a shop I rent of about the exact same size.
So the one thing I would recommend is to Incorporate. Check out Legal Zoom.com for the information as you can do this your self, for a much lower fee that paying a Bean counter or attorney.
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