Cautionary Tale

[kgg]

1 hour ago, GatoGordo said:

In this case, this was a business. In your words "she had a client do a pick up earlier this month." This was a customer invited into her place of business to pick up merchandise. Same as a grocery store.

That means the client was from the insurance point of view a customer not a visitor therefor there for business reasons. Her insurance was for what would be considered a normal home owner needs not business insurance coverage. Personally I have both home owner and business coverage that way I'm covered either way should something happen to my equipment, property, clients or visitors. Home owner insurance sometimes doesn't cover or has limited coverage on certain types of hobby equipment.

kgg

[fredk]

Who owns the driveway? It sounds too big to be for a single house. Is it a communal driveway serving a number of apartments?

[kgg]

36 minutes ago, fredk said:

Who owns the driveway? It sounds too big to be for a single house. Is it a communal driveway serving a number of apartments?

No just a private driveway serving one 1200 sq ft. bungalow. In this area most driveways are usually at least two vehicles wide and smaller properties have at least a half acre of land. In my area about 15 minutes from town I'm the smallest property with 120 acres. My driveway is just a touch over 300 feet long, 4 or 5 vehicles wide at the entrance. By the house my parking area would be about 60 feet or so feet square. My closest neighbor is about 1/2 mile away, still to close.

kgg

[toxo]

4 minutes ago, kgg said:

No just a private driveway serving one 1200 sq ft. bungalow. In this area most driveways are usually at least two vehicles wide and smaller properties have at least a half acre of land. In my area about 15 minutes from town I'm the smallest property with 120 acres. My driveway is just a touch over 300 feet long, 4 or 5 vehicles wide at the entrance. By the house my parking area would be about 60 feet or so feet square. My closest neighbor is about 1/2 mile away, still to close.

kgg

My property is about 120 inches.

[kgg]

1 minute ago, toxo said:

My property is about 120 inches.

Like that.

kgg

[bladegrinder]

A friend of mine had a friend over his house drinking, he fell down some steps and broke his arm. all was good at the hospital until his insurance company found out where it happened.

my friend got sued by the other guys insurance company. in this case my friends homeowners insurance took care of it. I never asked but I'm sure his rates went up.

[fredk]

When I was in business I was always being threatened to be sued. My solicitor advised me; own nothing. I rent my apartment, my car is loaned from my son etc. I have no insurance. If someone threatens to sue me I say go ahead but you'll get nowt. They soon drop the case

Edited January 28, 2024 by fredk

[Handstitched]

I think this will be one of  those threads that will get the " Hot "  tag 

7 hours ago, kgg said:

Personally I have both home owner and business coverage that way I'm covered either way should something happen to my equipment, property, clients or visitors.

Same here  

My workshop is around 30-40 feet away from my back door and is listed on our insurance papers as a ' small business' , we also have public liability ins.   . I have customers dropping off and picking up all the time.

I also have market stall insurance (with another company) public liability ins. up to $10mil. But thats another story.

Our premiums go up each and every year due to  the endless storms, bushfires , floods etc.mostly in the eastern states, but its us ,here in the west, that cops the huge increases. 

HS

[kgg]

6 hours ago, Handstitched said:

My workshop is around 30-40 feet away from my back door and is listed on our insurance papers as a ' small business' , we also have public liability ins.   .

Wise move.

kgg

[bruce johnson]

Insurance is a necessary part of business. There is just too much to lose no matter what your level of income or business size is as the original poster pointed out. For my example - I started with a new carrier and program two years ago when we found out that our then homeowner's policy was only going to continue replacement coverage on our 1200 square foot shop for $20K. That was their new limit on structures not attached to the house. Prior to that I only had a business liability policy (pretty cheap). Realistically I average 1-2 visitors a month to the shop, that is a minimal risk but still present. The new business insurance package has $200K replacement on the building. The inventory and equipment value coverage has a cap but fairly good and good liability coverage too. I opted for cyber-insurance that covers cyber-terrorism, website failure, business interruption, etc. In return I have to do secure computer backups at least weekly, have licensed fire extinguisher annual service, and a few other hoops that are mostly just common sense. Exclusions are no welding (don't anyway), no equipment loaning, and no employees. I had a guy helping me a few days a week as needed and had to let him go.  Otherwise - good piece of mind for the cost. We also just switched to a LLC designation which was fairly pain free.