Insurance

[Jstier]

So just starting really my side business. Was reading up on a few things and said you should have the sawmill added onto your insurance or at least notify them you have one. Said some companies will drop you as soon as they hear you have one. So my question is what is everyone's experience and how much extra did it add to your policy ? 

[jeepcj779]

I think many on the forum have an inland marine policy for the mill itself, but also liability insurance for the business side of it. You may also need business insurance for your tow vehicle to be completely legal. Your insurance company may not pay a claim otherwise. I was given the advice to try Nationwide, and that is where I am getting both the liability and inland marine policies. My business auto is going through Farm Bureau where the rest of my vehicles are insured.

[WV Sawmiller]

   My homeowners is with USAA and they will not insure commercial enterprises. I bought liability insurance from an independent dealer through a local Nationwide Dealer. The inland marine policy she offered I felt was excessive IRT cost vs coverage so I self-insure the property aspects of my business.

   Liability costs me about $650/yr and I would not saw for the public without it.

[flyboy16101]

I'm in Pennsylvania and after about a year of looking was only able to find one company that would underwrite a portable sawmill I get stuck on the bill a little, it's $2000 a year for liability and inland marine coverage but I'm also insured to do excavating with the same policy. Seams like a lot at first but it isn't really when you think about what it would cost if something were to happen and you not have it. 
The rumor I was told by a lot of people is that an uninsured bussiness operating from your home will void your homeowners. So if a kitchen fire happens they can possibly not pay out because you voided your policy by having your bussiness there.

[WV Sawmiller]

Flyboy,

  Any idea what part of that is inland marine? I can't afford to be without the liability but could survive property damage issues. They wanted about the same and only offering about $30K property coverage.

[flyboy16101]

WV Sawmiller I would have to try to find the paperwork but from what I remember the inland marine was very cheap I thought compared to the liability. I think equipment wise I'm around $50k in coverage for sawmill skid loader tractor and chainsaws. The sawmill being the only new thing I have that I was worried about coverage for but all my old rusted up junk adds up to some money when you lump it together I guess. My liability covers up 2 million in damage. The liability is through Colonial and the inland marine is Erie insurance.