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  #1  
Old 02-01-2002, 11:17 PM
polarbearforge
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Business insurance and knifemaking


I'm looking at going into knifemaking part time right now, and in the process of getting everything setup, I stopped and got some information about business insurance. It was kinda funny to see peoples reactions when they asked what the business was for. Anyway, they will be getting back to me once they gather more information. Does anybody have some input on this? Is there a carrier in particular that seems to treat knifemakers well?

Jamie
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Old 02-02-2002, 01:12 PM
MJHKNIVES
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Jamie, I dont know much about business insurance, but be careful of what you tell the people who carry your homeowners insurance. The company I had mine with offered some new deal, where I could get several thousand more in tool coverage etc, for the same low price,so I insured the tools in my shop,they asked me what I did, I told them knifemaker, they accepted everything and I signed up with them. Two weeks later I received a cancellation notice in the mail, when I inquired about this, I was told by the underwriter who cancelled me that they dont need any makers of murderous weapons on their rolls. That was it, no recourse, no appeals, nothing. I had to scramble to get homeowners ins, before the loan company put theirs on the loan. Ever try to get insurance after you have been cancelled? Finally got fate farm to accept me, but they would not insure my shop(attached to the house), or any tools. Nice huh.
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Old 02-02-2002, 08:09 PM
DC KNIVES
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Like Mike said.My agent is an old drinking buddy of mine and knows what I do, so I have first hand.I would not say what you do with your tools, just get coverage for your tools.Also do not mention torches, forges, or ovens.Heat seems to turn them off.You should be able to get an additional amount added to your content value for a minimal cost.Dave
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  #4  
Old 02-02-2002, 11:00 PM
polarbearforge
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insurance


My homeowner's insurnace people know what I do in the shop/garage. They've known for several years. I wasn't actually talking about insurance for the shop, tools, materials, etc... I was refering to insurance for the business itself. If no one here has it, I'm wondering if I should even continue to check on that. (btw, my insurance is with state farm, they're the only ones around here I could find that would insure me with a rottweiler.) Definately something to keep in mind though.

Jamie
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  #5  
Old 02-03-2002, 07:33 AM
george tichbourne
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Re: insurance


The local Crafts Council has business liability insurance packages set up for their members with one of the larger insurance companies. You might look into that source in your area.
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  #6  
Old 02-15-2002, 12:02 PM
Tangus
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Well Gentlemen, this particular topic falls right in my back yard, being a General Adjuster for an insurance company for some 30 yrs. Here's the deal, quite simply put your homeowner policy falls into two categories (same for most commercial policies) 1) property coverage and 2) general liability coverage.

1)most underwriters hesitate to write homeowners who have known hobbies (that sell products to the public) such as knifemaking, gunsmithing, welding, anything that could be considered volatile and subject to large losses. They just charge larger premiums to cover the perceived risk. some have mentioned not to mention what you use the tools for (i.e. knifemaking), that choice is yours and you can probably get coverage, the truth usually bubbles to the surface when there is a loss and your friendly insurance adjuster comes to your house to view "the damage". Significant misrepresentations can result in a denial of coverage. (property side)
2)almost every underwriter would cringe if they even suspected they insured a knifemaker selling to the public. the liability picture is huge considering the general public's thirst for lawsuits nowadays. (remember the lady who sued McDonalds for the coffee being too hot?)

Most insurance companies would insure your garage shops (like mine) without too much hassle. It is the general liability insurance coverage that garners extreme attention.

As state by George, the best coverage is found within "associations", ie. maybe the guilds have association coverage, etc. that members can sign up for and the multitude of members help defray the premium high costs.

hope this helps--Dan
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