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Insurance
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Insurance
Hello all,
New to the group but I didn’t see this topic in my limited searching. I am just getting my business going. I am trying to figure out what kind of insurance I should get as an independent repair tech. In asking my current home and auto insurance, they seem to have no idea what kind of insurance I would need for my business. I am working out of my home so I have some insurance in that regard but am wondering what some other shops are doing. Any information you can provide is appreciated.
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6 Replies
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These guys seem to specialize in professional liability/biz insurance for instrument builders/repairers. Found this a while ago but didn’t pull the trigger.
https://anderson-group.com/makers-repairers-stores/
anderson-group.com
Makers-Repairers-Stores - Anderson Group
The Anderson Luthier, Dealer and Repairers insurance policy is written by us and approved by our insurance carrier, Hanover Insurance. If you are a music store, instrument maker or repairer this program is directly written for you and available worldwide.
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Thank you so much! I am going to look into these guys.
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Let me know what you think – it’s been 2-3 years since I found them, so I’m not sure if the plan has changed.
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I wasn’t aware of the aforementioned and I’ll have to give them a look-see myself.
I think Heritage is likely the most well known and who I’ve been using for years. Much like they other, they specialize in musical instruments and have focuses on groups like players, collectors, sales shops, makers and repair shops. The “Workbench Policy” is what I have which covers every aspect of running a shop. One thing I particularly like is when shipping instruments, the instrument is fully insured until it is signed for by the receiver.
Doc
musicins.com
Heritage Insurance | Musical Instruments & Equipment | Free Quote
Heritage Insurance | Musical Instruments & Equipment | Free Quote
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I signed up with Anderson almost a year ago, it was quick, easy, and surprisingly affordable.
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My policy is through Donegal Group and was secured through a local insurance broker. I carry 150k in replacement cost for tools and such and whatever the minimum General liability coverage is required. It cost about $1500 per year. If you have a commercial insurance broker in your town, I like going local. They can shop the best price. You’ve got to cover your own screwups if you damage an instrument, and loss from theft/fire/storm/whatever. If you have employees, you may be required to carry workers compensation insurance. I am not, but am considering adding it anyway. I have three part-time employees and lease a storefront space for the shop.
Working from your house, though…you should talk to your accountant and set up a space in your home for home/office…it’ll help with taxes, then go ahead and get a business license and set up legit. I repaired for about 3 years before i was required to start collecting sales tax and junk like that. Best to start off legit and organized. I only had general liability insurance when I was working at home.
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