Your letter was very helpful. Regarding insurance, as a one man job
shop newly started, do you have any suggestions regarding liability
insurance and other types needed in my operation. Are there
companies that supply these at reasonable prices? Most of my
business is a one day turn around but some is not.
You first must analyze your risks. How much of other people’s work do
you have in your shop overnight? What would be your liability if
something were to happen? Are you at risk of burglary, fire, do you
work from home or in a rented studio. If at home what would you do if
a fire caused your house to be compromised, if in a rented studio and
there was a fire you would be held responsible for damage of the
building, you need to protect yourself in the case of extreme, though
unlikely catastrophe. I would suggest speaking to a n insurance
professional who specializes in jewelers or other businesses, though
business liability insurance and product liability can be purchased
from other insurance companies. If you work from home, your home
insurance company would probably drop you if they knew you had
business liability coverage as well. It is a catch-22 that even I
have not yet found a way around, though i’m working on it.
One thing that is equally important is health and disability
insurance. If you get sick and are unable to work, which, depending
on how old you are probably won’t be as much of a problem as just
plain getting sick, also need s to be dealt with and may be even more
important than other types of insuranc e.
Make sure you get good advice on these topics. It is easy to have so
much insurance that you don’t have money for anything else!