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insurance

Started by jcrafferty, January 31, 2010, 12:59:00 PM

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jcrafferty

Just wondered what type of insurance you guys that sell bows carry if any and where can I find some? Thanks John

Eric Krewson

Most carry none and and hope for the best.

wildcat hunter

I put a sticker on that says " for display only"

Big-un08

Experience is something that you do not get until right after you need it!!!

TGMM Family of the Bow

Mike Mecredy

I got insurance through the Craft Agency I pay about $900 a year.  

-Mike
TGMM Family of the bow
USAF, Retired
A.C.B.C.S.

monterey

I think the insurance thing is really a problem.  Building and selling just a few bows puts you at risk but paying up the $900 or so forces you to make more than just a few.

Mostly I give them away!
Monterey

"I didn't say all that stuff". - Confucius........and Yogi Berra

jcrafferty

Thanks guys, another way of adding cost to a product that always kills the small guy! Thanks again for the info. John

Mike Mecredy

Well, I make more than just a few.  So $900 a year isn't bad.
TGMM Family of the bow
USAF, Retired
A.C.B.C.S.

sulphur

some advise forming an LLC that way if you get sued they get all your bow stuff and not your personal stuff.  I was planning on both.  some small bus. insurance was quoted to me for about $500 a year and its about as much for the LLC.
Rumblin, Stumblin, Bumblin

monterey

Mike, it makes perfect sense for you.  For me it would push me into making more bows than I'd enjoy making.

As a general warning to all concerned with this issue, I speak from 10 years experience in the insurance industry;  Be sure of what the coverage you apply for actually covers.  For example, you can get a bussiness owners policy that will cover your equipment and tools, etc along with liability.  The liability coverage with that type of policy is strictly a slip and fall kind of thing for the public when they are on your premises.

You need a liability policy that specifically covers you for product liability and specifically for the product you make and sell.  Make sure your application for the policy clearly states, on your part, what your activities and product is!!!
Monterey

"I didn't say all that stuff". - Confucius........and Yogi Berra

Shakes.602

Insurance Rules the World!! Cant Live With the Premiums, but You better have it for Your  OWN  Safety!!  Liability, have a Sign Off Sheet!!
"Hey Ya Pays Yer Money...Ya Takes yer Chances!!"  :readit:    :archer:
"Carpe Cedar" Seize the Arrow!
"Life doesn't get Simpler; it gets Shorter and Turns in Smaller Circles." Dean Torges
"Faith is to Prayer what the Feather is to the Arrow" Thomas Morrow
"Ah Think They Should Outlaw Them Thar Crossbows" A Hunting Pal

ishoot4thrills

Then you have a very small number of people who will sue you only when they find out that you have insurance. Lots of times, if you don't have insurance and you're medium to low income, they won't sue you after they find that out. I guess they figure "what's the use?"!

This info I got from a man who had a business making very fine bows and sold very many bows a year.
58" JK Traditions Kanati Longbow
Ten Strand D10 String
Kanati Bow Quiver
35/55 Gold Tip Pink Nugents @ 30"
3 X 5" Feathers
19.9% FOC
49# @ 26.75"
165 FPS @ 10.4 GPP (510 gr. hunting arrow)
171 FPS @ 9.7 GPP (475 gr. 3D arrow)
3 Fingers Under

Shakes.602

Cant Squeeze Blood Out of an Osage Bow!!
"Carpe Cedar" Seize the Arrow!
"Life doesn't get Simpler; it gets Shorter and Turns in Smaller Circles." Dean Torges
"Faith is to Prayer what the Feather is to the Arrow" Thomas Morrow
"Ah Think They Should Outlaw Them Thar Crossbows" A Hunting Pal

Mike Mecredy

My Insurance specifially covers, injury from failures of my products etc, I never (Veeeeeeery seldom) have customers in my shop so my policy doesn't cover much for on-site mishaps.  I don't cover anything on my tools /  shop just for thuings that can happen to the customers.  I can fix my tools and build a new shop it's those customers that sue when they get a fiberglass splinter I can't fix.

Also Maddog is an LLC.
TGMM Family of the bow
USAF, Retired
A.C.B.C.S.

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