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Liabiltiy insurance

Started by oakiemac, June 04, 2003, 08:15:24 AM

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oakiemac

O.K, I know this subject has been broached before but I'm very frustrated trying to find liability insurance. Most agents that I've talked to say that sawmilling is way too dangerous and if they can find insurance it will cost $1000-1500 per year.  Most won't even cover a sawmill. I personally don't think it is any more dangerous than running a table saw (actually a lot less) but I can't convince them of this. Do most of you sawyers out there just not have liability insurance or is there some where to buy it that I just have not found.
I set my buisness up as an L.L.C help protect by personal assets from buisness but my attorney still recommends some insurance. What do you all think or do? Thanks for the input!
Mobile Demension sawmill, Bobcat 873 loader, 3 dry kilns and a long "to do" list.

Danny_S

What about having a lawyer write up a legal waiver that people would have to sign before they worked at the mill. If people want to help and cut out hte extra charge that insurance would add to their order, they would mst likely sign away. Whatever covers your butt. People are funny these days and if they shrug at signing a waiver, charge them extra and do it yourself.

 Just my opinion and what I think I will probably look into doing.
Plasma cutting at Craig Manufacturing

AtLast

I went to an underwriter here in Mich . I got $500,000.00 in liability and my payment is 562 a year. They audit you each year and if you surpass 50,000 in earnings your rate goes up...if not...it stays the same. The company thet wrote it was Burlington. They were rated an A- in the listings and even though they are an out of state corp it is still recogonized here in Mich.

AtLast

PS...I also am listed as an LLC. VERY good idea for the reasons you stated. My accountant warns me though that IF I start making too much money Id be better off listing as a corp. Than the tax man wont hit me as hard. But again the amout that would warrent this is up in the 50,000 margin...

oakiemac

Thanks for the replies At Last and Buck. The greedy trial lawyers are making everyone so afraid that it is hard to make an honest buck these days.
I'm wondering if the risk even warrants getting any insurance? But once again, the greedy lawyers....
Mobile Demension sawmill, Bobcat 873 loader, 3 dry kilns and a long "to do" list.

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