Small Business Woodworking Insurance

[Brian Kent]

How much do you pay for business insurance for selling your woodworking?
Coverage of tools and liability.
For round numbers, insuring tools with $10,000 replacement costs and $600/month in sales.

I have an opportunity for a large order (for me) and I am estimating what my expenses would be.

Thanks.

[eugene thomas]

I am paying $1200 year for my business ins.

[Martin Wasner]

I think my business insurance is less than $3k a year. I've got two million in liability, $250,000 coverage on the shop tools, another $7500 on installation tools, and I think $30k that covers product enroute to jobsites. I think there's something in there for material/hardware/shop supplies too if the shop burns down.

I've also got insurance on the enclosed trailer, but I've got no clue how much that is. It can't be much. But, it's tacked on to my personal auto insurance, for whatever reason the agent couldn't just stack it in with the tooling.

I don't think sales has anything to do with it either? I'm doing about $20-$25,000 a month right now.

[Yonak Hawkins]

My shop is in my house and I have a rider on my homeowner's insurance. It's a $175 addition plus $107 for the home insurance portion of an umbrella policy.

I'd have to study the policy to say exactly what all it covers but it definitely covers theft or damage to tools, dwelling, and in-house product and supplies, as well as liability for any visitors or employees and product liability.

[Gregory Stahl]

I pay $108/mo for coverage on my rented building, $150k in machinery and inventory, and $2-million in liability. I am running part-time. I have to provide an annual report of sales for the year and proof all sub-contractors have their own insurance.