How much do you pay for business insurance?

[Brian Kent]

I want to insure my woodworking tools someday, so that I can sell pieces and not have my tools disqualified from homeowners insurance.

How much does your business insurance cost?

This is only a hobby, looking at selling a couple of pieces per month on Etsy or other internet system.

Thanks.

Brian

[Stephen Musial]

According to my agent, as long as it's just a hobby and not a full fledged business you're covered by your homeowner policy. However, you might want to find out how much of it is covered - you may need a separate rider like you need for jewelry.

[Andrew Joiner]

According to my agent, as long as it's just a hobby and not a full fledged business you're covered by your homeowner policy. However, you might want to find out how much of it is covered - you may need a separate rider like you need for jewelry.

This is such a grey area. Would the agent put that in writing,I doubt it. I would not be worried about the tool loss costs. The liability is the biggest risk. The quotes I got on liability for a hobby wood business was around $500 a year if you do less than $10k a year in business.

[David Weaver]

I'd agree with andrew, it needs to be in writing before I believe it. Even if a company covered a gray area last year, if they decide not to this year and you have a loss, it's trouble.

[Kev Williams]

My business eats up a full 90% of our house. I changed insurance companies not long ago, and just added business insurance. $300 biz on top of the $500 homeowners. Nary an insurance man showed up either, I gave my agent a list of machines and their value, how many fire extinguishers I have around, approx. gross income, and sent pics of the outside of the house. When I get a minute I need to read thru the policy...

[Greg R Bradley]

You're in CA. Any info from any other state is going to be irrelevant or misleading. Some states will be similar to other states but CA always seems to be different, particularly on liability.

CA tends to be expensive also. My house is about $400, my business is about $900, and my car is about $170. It will come as a shock to many that those amounts are per month.

[Dave Sheldrake]

£16,000 business ($25,000)
£1,200 House + Contents ($1,900)
£400 Car ($640)
£**** Product liability depending on how many products I list.

This is only a hobby, looking at selling a couple of pieces per month on Etsy or other internet system

Not if you are selling for profit it isn't.

cheers

Dave

[Ken Fitzgerald]

I agree with Greg.

The laws differ from country to country....and here in the States, they could surely differ between California and any other state.

The employment laws and employee benefits are so different, that even though CA was part of the West Zone for my former employer, California had to have it's own individual benefits conference calls when those subjects were being discussed.

I would talk with a California insurance agent before making any decisions!

[eugene thomas]

I must live in wrong state. My business ins. Is $1200 year and home owners is $700. Had quote from my old agent for 300 year but when policy showed up bill for $1400 came along. Lot of company's not wanted to insure woodworking business.

[Bill Cunningham]

I Pay about 1k a year, but that also covers my building as well.Two story's 1200 sq.ft. And another 700 for the house.