This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
As I sat here yesterday during the thunderstorm waiting for it to pass so I didnt fry my equipment I began to wonder if I should insure my equipment.
Since I run everything from my home it was something that never crossed my mind until then.
So is insurANce for equipment a good idea??? would my equipment be covered by my home owners insurance? Do I have to get business insurance? is there insurance that would just cover my equipment?
should I just save my money and keep my fingers crossed that nothing happens?
it's not only a good idea - it's an imperative idea for the health of your business. depending on your equipment it is most likely not covered by your homeowner policy without an additional endorsement covering it as such. most of the big insurance companies will add this for you at a reasonable cost. i don't know the scope or nature of your business, but be prepared for them to wig out just a bit about things like - do you have the public in and out of your home (like a store?), product liability coverage, worker's compensation....
that said, if your equipment consists only of a computer or two and a desktop printer, you may not need to worry about it - those are items that are typically found in any home these days. talk to your agent and describe to them the type of equipment and supplies you typically have and ask for recommendations.
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I just looked at homeowners insurance just yesturday, Seeing as how Im about to close on my 2nd home. The default amount of business insurance is only $2500.00.That just wont cut it. I will need to definatley change that! Also, your computers are covered probably only at 1000.00 the default. I just quoted to change computer coverage to 4,000.00, but I will probably up that amount as well. The computer coverage is minimal cost, But not quite sure how much my insurance will be after I up the business coverage. I will keep you posted! Need to Call back Agency today!
I suggest adding a policy for your equipment that will cover if you ever go mobile. I think you would be wise to not depend on home owners insurance solely. ...... JB
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When I bought my DTG machine is was mandatory that I had business insurance for my lease, as I was told by my leasing company that because it is business related, home owners would not cover the cost of equipment so I purchased business insurance It only cost about $25 per month so not to bad and I think that is for $250,000 in coverage.
My computors are the least of my worries ( since I build them). I am more worried about my inventory,cutter, and heat press. If those go I dont have back ups or the knowledge to repair them. And I dont have an extra couple thousand dollars to throw out and replace them.
Thank you all, Guess its time to talk to my agent and see what we can come up with.
When I bought my DTG machine is was mandatory that I had business insurance for my lease, as I was told by my leasing company that because it is business related, home owners would not cover the cost of equipment so I purchased business insurance It only cost about $25 per month so not to bad and I think that is for $250,000 in coverage.
Yups Bobbielee.. We have had business insurance.. as we have a store front..
but had to add a rider to cover the versacamm. for our lease..
Our business insurance isnt much.. It also covers things like people skipping out on paying us.. for products .. and even employee theft.. ..
It sounds like you'll be happier if you have business insurance. I had to because my first machine was leased. Shop around for a good deal. I found the cost varied greatly. There are companies that specialize in providing insurance in this industry. They are more likely to understand your needs but a local provider might be just fine.
First, homeowners insurance generally will not cover any equipment used for a business, even if in the home, unless a additional rider is purchased. I would suggest a business policy that covers equipment, liability (in case a customer that comes to you home for business gets injured), and general loss.
We paid for business insurance since 1986, and when Hurricane Katrina came thru & destroyed our business & $200,000 of equipment under 6' of water, I was glad for every payment I made.
That's why it's called INSURANCE.
Equipment insurance????????????? 
It only cost about $25 per month so not to bad and I think that is for $250,000 in coverage.
