Home business and home-owners

[Brendan Plavis]

I think if you were to completely insulate the workspace then the noise shouldnt be an issue(outside.) And if anyone approaches you, just say that you do if for a hobby(they can't limit your hobbies can you(ie: its not like you have a rifle range in your back yard...)

I once upon a time thought about a small business, and I figured that its best to go corp if you can afford it. That way your assets are not on the line, and if something were to occur(ie someone was beheaded in an auto accident...okay maybe this is an extreme..) your company would fall, rather than you personally...

I wouldnt worry about the 'someone turns the stereo up loud and loses their hearing' senario, because if you ever went to court, the judge would throw it out on account of their personal negligence. Not to mention you didnt create the audio device.

I would also worry about your grandmother. I know that when ever someone runs a chopsaw in my garage, I can hear it every much so. But, that was just a little insight, thats your business, not mine...

-Brendan

[Thomas Williams]

Robert:
I am an attorney that works for an insurance company. You should review what you want to do with your attorney and your insurance agent. You have some specific issues that need to be addressed by professionals in your specific location.

[Don Jarvie]

From what I have understood talking from my insurance agent is that if you make 1 nickel with your hobby you are not covered under your homeowners insurance policy.

First call is the Insurance Agent to find out what your options are for a policy to cover the house and tools if there is a fire or they get stolen.

Send should be to a small business attorney to find out what you need to do liability wise should you have any legal problems since you don't own the house.

Lots of people have businesses out of their house and have no problems. The attorney may be able to help here.

[Robert gree]

Robert,
Something here doesn't make sense.
You first tell us that you moved into your grandmother's house.
Then you say that "her home-owners do not allow home business's."

Then in a follow-up you say that you do NOT live in a HOA.

Along with everyone else, I concluded that you meant her "HOA" didn't allow home-based businesses. But then you say you don't live in an HOA. Hence the confusion.

So when you said "Her home-owners" did you actually mean to say that her homeowners insurance doesn't allow for a home based business? Or is there something else entirely going on here?

i did indeed mean home owners insurance, My apologies to all on that mistake.

[Robert gree]

Ok all found a new home owners policy that will cover the small business. Thanks all for the help and my apologies for the mix up when i said home-owners instead of home owners insurance.

My grandmother is the one that convinced me to start my business back up legally, ( i think she just has a secret plot for me to furnish her house)

[Andrew Joiner]

Ok all found a new home owners policy that will cover the small business.

Great. What insurance company? Does it cover product liability for a reasonable price? All the home owners insurance companies that I talked to only covered day care or a home office.

[John Lieberman]

Robert

Contact your local SCORE chapter./ You can find them at www.score.org
Free no cost business advice.

[Steve Griffin]

I'm going to say screw the insurance.

Think of insurance like a Vegas game--you are betting against the house that something bad will happen, and they always stack the odds in their favor.

The odds of your little speaker boxes hurting anyone are so remarkably low, and if such an event happens, the odds of you getting successfully sued is low too. And if it does happen, guess what---it's just money (though maybe all of it). You still get to live.

I'm not anti-insurance--I have liability for jobsites, workers comp of course and basic homeowners, health and car, but all with huge deductables.. I'm betting against the house rules, so I'm giving them as little money as possible.

But I have nothing on the shop and tools. I figure that if the during the course of my lifetime there is a 1 in a 100 chance the shop will burn to the ground. And if it does, I've saved enough in insurance to by all new stuff.

Remember, it's just money and nothing in life is 100% risk free, no matter what the greedy insurance companies want you to think.

-Steve

[Chris Friesen]

Think of insurance like a Vegas game--you are betting against the house that something bad will happen, and they always stack the odds in their favor.

<snip>

But I have nothing on the shop and tools. I figure that if the during the course of my lifetime there is a 1 in a 100 chance the shop will burn to the ground.

Insurance is intended to be used in cases where you cannot afford the cost of direct replacement or don't want the risk, so you pay someone to assume the risk for you.

Absolutely they're going to stack the odds in their favour, but in return you get peace of mind.

If you can afford to cover the costs directly, then there is no need to get insurance. In the case of product liability (which can go into the millions of dollars), I'd be tempted just to pay the insurance.

[Will Overton]

... and they always stack the odds in their favor.

Don't they have to to stay in business ...

... and to continue to send me my retirement checks?