eBay

pixelbarrel · ‎07-11-2005

My insurance company has informed me that since I operate a retail business from my home, they're going to cancel my home insurance coverage unless I move the stock or find another company to cover small business insurance. They don't do extra riders or whatever they're called. This is a BIG insurance broker too.

I'm having a hard time finding anybody will just cover the small business and not the entire house.

I've got 60 days to figure this out. HELP!!

acurael · ‎07-11-2005

Same boat for the past 3 years. The hiccup lies in the fact that because you sell online and (most likely) into the USA, you're viewed a potential litigation liability.

No business coverage, no home coverage, and no home coverage = no mortgage as the banks require it.

Aviva was the only insurance company I could find for the business insurance. And they refused to offer coverage unless it included "US liability". 90% of the premiums go towards this coverage, while 10% go towards fire, theft, and other perils. Needless to say, it's coverage that will never be utilized, but typical of the insurance industry.

whoscloset · ‎07-11-2005

Wow, very good reason not to inform my insurance company of the business.

Might be cheaper in the long run to rent an outside storage facility to keep your inventory.

Monique

Monique

pixelbarrel · ‎07-11-2005

Monique,
Here's the dilemma. If you don't inform them of your business and you have an incident that causes you to make a claim, they can and most probably will cancel your coverage and refuse your claim once they find out that you are operating a business out of your home. It doesn't matter that you didn't tell them. When they investigate the claim, you're gonna be SOL.

scouttech-outfitters · ‎07-11-2005

Not to mention that if you offer pick up and something happens to a customer on your property you will personally be liable if they sue you (plus they will cancel your insurance on the spot as well)

Pixel, are you in the Toronto area? Even if you're not I have a # or 2 of people from the Toronto Board of Trade that may be able to help find a broker suitable for you.

Email me if you'd like the info...

modern_tech_solutions

acurael · ‎07-13-2005

Exactly right - if you fail to disclose, they'll just deny the claim in the future. Now the chances of a claim are very slim, but are you willing to risk everything on it?

Although, after seeing the premiums for the business coverage, you might be willing to risk it... Our premiums are crazy (just under 5 this year) and that's with a 3 year "claims free record" too - rates have still gone up each year. They really know when they have you where they want you.

whoscloset · ‎07-13-2005

My stock are large items so I store them in an inexpensive warehouse (okay, local storage unit) off my property. There is no reason for the insurance company to know I run a business here.

No inventory on site, no employees, just me and my computer!

Monique

zarzuella · ‎07-13-2005

I had the same issue earlier this year - my long-time insurer would not provide a business rider and I was getting pretty frustrated trying to find someone who would.

I ended up with a smaller company - an old-fashioned 'Township Mutual' outfit that does lots of farm and country business/residences. Cost me an additional $225 per annum for the business coverage.

If you are in SW Ontario, email me for more info.

Ann

whoscloset · ‎07-13-2005

Ann,

What part of SW Ontario are you in? We just moved to Goderich.

Monique

Monique

zarzuella · ‎07-14-2005

I'm in London (Lambeth actually)

How are you enjoying Goderich?
Did you move there from somewhere bigger? 🙂

whoscloset · ‎07-15-2005

We are loving it here!

We took a camping vacation here 2 years ago and decided that we had to move the kids here (6 and 5 now). I couldn't face raising them in the GTA, it has gotten much to dangerous and kids have to grow up way too fast.

I love that I'm now living somewhere that has a real community feel, much like Brampton did when I grew up there many years ago. I wanted to know that if they act up at the 7-11, I'll get a phone call from 3 people who recognized them. I'm looking forward to having bored teenagers! ]:)

DH works as a conductor for CP and transfered to London. He only has to work every other day so it's not too bad. People out here freak when they hear he has a 70 minute commute one way but don't realize that that's actually not so shocking if your used to working in TO and live in the suburbs.

Monique

Monique