If you have a small bussiness with your plasma table…do you have or need insurance? Hearing conflicting arguments. Love to hear some perspectives
you need business insurance.
and you may need extra home insurance to cover “welding” related fabrication.
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Any recommendations on what kind of insurance?
You defiantly don’t want to run a business out of your home or personal shop without business insurance. A few years back our tractor mechanic(who was also the head mechanic at the local Deere dealer) was moonlighting out of his own shop. He had built up his shop and clientele to where he was about to break off on his own when he had a shop fire caused by a faulty used oil furnace. Burnt everything to the ground including one of our tractors he was working on. Sick over the loss he got out of town for a couple days. While he was away looters ran off with anything salvageable. Insurance paid $0 due to the fact he wasn’t insured as a business.
Not worth the gamble to do it without the proper insurance. My dad not only forgave the loss of our tractor he surprised him with a new miller bobcat welder/generator for Christmas that year. Pretty sure my dad ended up ahead with a great relationship with a great mechanic. And he taught me an important lesson of mercy and charity.
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business insurance and a home insurance policy upgrade.
I am Canadian so it may be different in the States.
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I would talk to your insurance agent they should be able to see you up with what you need. What Tin is saying sounds right to me.
I checked a while back here in VA. You have to open a LLC or it falls back on your home owners insurance.
So far all my work work I do is for the company I work for. They pay me through my W2 just like i am doing field work. I am covered through their insurance. That was pre a lawyer.
If you have a lawyer friend check with them laws may vary state to state.
Everyone is sue happy insurance is a must.
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My agent that handles my auto and home ins, referred me to someone for business ins,
I have a shop that is not on the same property as my home.
As far as coverage agent can help with that, it all comes down to how much coverage you want and how much you want to send.
Be aware if you use your personal vehicle for work and have on a personal policy you may not be covered.
They also may come and inspect your shop, and if you don’t have say maybe fire extinguishers they may tell you to get them.
For me they did not like that I had plastic gas cans they want all self closing steel.
The more you follow the rules better chance they will pay in case of a claim!
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You may run into issues with getting business insurance if you running out of your home garage. One thing I know for sure is residential polices have value caps on specific items like jewelry, guns and TOOLS. I found this out after I was dropped by a large insurance company, and in discussing future coverage with my independent agent I found out the tools cap on my prior policy was $1000. I have more than that invested in my portable tool box. Now I’m properly insured.
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You can get a umbrella policy to extend your home owners coverage. I would talk to your agent to see what it covers.