Workshop insurance

Overview

This article is to primarily detail our current policy and its information. It is also to provide useful notes, contact information, and other research done in choosing our policy and information for further use by the continuing leadership of the group.

Primary Purpose

The primary purpose of the insurance policy for us is to cover the shop in the event of someone being injured or the shop going up in flames. We don't want someone hurt and the medical bills turn around and kill the group, nor do we want to have things burn down and nothing to start back with.

Regular Reevaluations

Don't forget to reevaluate the policy every 2 to 3 years so as to up the coverage as value of the space increase. You don't want to lose $100,000 in computers in a fire and only get $5000 back from the policy.

Research

IRC Conversation

15:54 <preaux_homie> what do you need to know?
15:55 <Dan9186[MM]> what does it cover for yall?
15:56 <preaux_homie> $0k in damages 2M for liability
15:56 <preaux_homie> sorry 20K in damages
15:56 <Dan9186[MM]> damage from internal or weather or what?
15:57 <preaux_homie> well this is renters insurance so it dosnt cover the weather
                     that is the bldg owners responcibility
15:58 <preaux_homie> but we have 20k of damage WE do to the blgd
15:58 <Dan9186[MM]> k
15:58 <Dan9186[MM]> and anything for theft?
15:59 <preaux_homie> i dont have it in front of be give me a couple of mins
16:00 <Dan9186[MM]> no rush or anything, is just curiousity
16:08 <preaux_homie> wow boy i was thinking of the wrong policy i have it in front
                     of me now, what do you want to know?
16:11 <preaux_homie> 500 deductible, 5k on business personal protection, liability
                     of the makers is 300k, 5k in medical, 600k in general (theft,
                     fire, explosion, zombie)
16:11 <Dan9186[MM]> some details of what it covers, and the cost of it, i'm trying
                    to get an idea of what we can expect for ours
16:12 <Dan9186[MM]> can you raise the amount on zombie? or will they not let you?
16:12 <preaux_homie> our premium is $325
16:12 <Dan9186[MM]> per 6 months?
16:12 <preaux_homie> i think so
16:12 <Dan9186[MM]> and who is it with?
16:14 <preaux_homie> zombie (general) what costs the most, because it is the
                     "cover all" mount, anytime you make a claim for general
                     things, in our case because we dont own the bldg, would be if
                     a pipe bust and soaks eveything the most we could get is 600K
16:14 <preaux_homie> state farm
16:15 <preaux_homie> or fire, or gangsta invasion
16:15 <Dan9186[MM]> hmm in all that's still not bad
16:15 <Dan9186[MM]> brian mentioned somethin about the first time yall got it you
                    couldn't have fire in the space
16:15 <preaux_homie> no and we have to be listed as a merchant not an origination
16:15 <Dan9186[MM]> what did you have to do to tweak it to get that?
16:16 <preaux_homie> because we had wood floors :-P
16:16 <Dan9186[MM]> so what does it entail to be listed as a merchant on the
                    insurance?
16:16 <Dan9186[MM]> and with the current location it was no issue?
16:18 <preaux_homie> diffrent class, groups generally dont insure equipment just
                     medical and liability, cement floor, and with the listing of
                     origination insurance alcohol consumption is forbidden on
                     site.
16:18 <preaux_homie> but as a merchant is isnt
16:18 <preaux_homie> so we can have drinks at the shop now and if someone gets
                     injured we have insurance coverage
16:19 <Dan9186[MM]> so that affected your 501c3 in no fashion?
16:20 <preaux_homie> no taxes and insurance are seperate, the 501c3 has no
                     limitations on stuff like that, its the same as a cancer org
                     , having a fundraiser and having wine
16:25 <Dan9186[MM]> awesome
16:32 <Dan9186[MM]> thanks for the info
16:32 <Dan9186[MM]> that helps a lot on my estimations
16:33 <Dan9186[MM]> and i'm going to use it in an article on our wiki about
                    insurance
16:37 <preaux_homie> ok i will see if i can get you a copy of our polocy to go off
                     of
16:37 <Dan9186[MM]> that would be awesome