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Insurance Question
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<blockquote data-quote="Rick M" data-source="post: 722166" data-attributes="member: 4399"><p>This all comes down to your comfort level, "do you feel lucky" <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /></p><p></p><p>As long as no one knows you win.</p><p></p><p>The value of business insurance is much more than replacing stolen gear. It is protection for you when things go wrong. You are operating a business when you sell your services or a product, definitions vary by state, but I'd say you're operating a business.. </p><p></p><p>So you have 2 concerns- Insurance and taxes</p><p></p><p>Some states excuse taxes on small things like craft shows and garage sales, you'll need to check on that. You are never excused from personal liability unless you are a LLC or incorporated (again check your state laws). Your Homeowners/car insurance company can step back from liability if you are engaged in business activity. </p><p></p><p>If your camera is smashed by an athlete, wont be paid. If its stolen from your car at a game, still not covered if they know your in business.</p><p></p><p>If a kid trips over your gear bag and breaks his neck, at an event you are being paid to cover, only business insurance will help you. Without it, your financial life is up for grabs.</p><p></p><p>Unfortunately it doesn't matter how much you are making, I'm sure you have much more to lose, its a difficult decision... but important.</p></blockquote><p></p>
[QUOTE="Rick M, post: 722166, member: 4399"] This all comes down to your comfort level, "do you feel lucky" :) As long as no one knows you win. The value of business insurance is much more than replacing stolen gear. It is protection for you when things go wrong. You are operating a business when you sell your services or a product, definitions vary by state, but I'd say you're operating a business.. So you have 2 concerns- Insurance and taxes Some states excuse taxes on small things like craft shows and garage sales, you'll need to check on that. You are never excused from personal liability unless you are a LLC or incorporated (again check your state laws). Your Homeowners/car insurance company can step back from liability if you are engaged in business activity. If your camera is smashed by an athlete, wont be paid. If its stolen from your car at a game, still not covered if they know your in business. If a kid trips over your gear bag and breaks his neck, at an event you are being paid to cover, only business insurance will help you. Without it, your financial life is up for grabs. Unfortunately it doesn't matter how much you are making, I'm sure you have much more to lose, its a difficult decision... but important. [/QUOTE]
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