As long as we're talking about insurance... Yet another kind of insurance that I have not personally used but which I pay for is Umbrella Insurance. It's relatively cheap and it's only available through whoever you get your auto insurance from. No, I don't know why it's auto related. In any case, it's a backup insurance policy that usually covers up to $1,000,000 for
anything that is not covered by
any of your other policies. Say you hit something expensive, or you get hit by something, or something happens on your property, etc., etc., and your insurance, whatever kind, will only cover part of it before that particular category is maxed out. That's when your Umbrella policy kicks in. It will cover the rest of it, up to $1,000,000, for, as I understand it,
any reason. Home, liability, car, anything that any other policy, not just auto, that has already been maxed out.
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Geoff Sykes, RPT
Los Angeles CA
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Original Message:
Sent: 09-20-2022 21:42
From: Geoff Sykes
Subject: Business insurance?
OK, like I said, I've never had to take advantage of my business insurance, but here are a couple of tips in how to set it up.
You don't need to actually write down all the tools you have with notes on purchase price. If you simply lay them all out and take group shots of them. That is generally enough for you to identify them and research their value should you need to. And it's proof enough to the insurance company that you actually had them. The important thing, if you decide to get this insurance, is to pay a couple of bucks more in premium for full value replacement. You lose that expensive hammer in a theft or a fire and the insurance will replace it with new. All my insurance on various things I have set up this way. If my $1K TV gets stolen I'm not stuck with depreciated value. Full value replacement insurance guarantees the price of replacing it with equal quality and price.
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Geoff Sykes, RPT
Los Angeles CA
Original Message:
Sent: 09-20-2022 21:24
From: Peter Grey
Subject: Business insurance?
Let's hear from someone who has ACTUALLY damaged some really expensive thing in someone's home, and then had their insurance company PAY to repair/replace or otherwise make a good thing out of a bad thing...anyone?
What about tool loss? Has anyone actually had an insurance company fully cover their stolen tools? Or if not fully...what % of the loss? I am honestly interested in hearing the "heartbreak to handshake" stories. Maybe it will make me change my mind.
Peter Grey Piano Doctor
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Peter Grey
Stratham NH
(603) 686-2395
pianodoctor57@gmail.com
Original Message:
Sent: 09-20-2022 20:17
From: Philip Bondi
Subject: Business insurance?
I'm in a similar boat as Mr. Roeder. While I don't take in Concert Grand pianos for whatevers, I too am in homes I will never be able to afford looking at vases, artwork and rugs that I could not replace if it was not for insurance. I am fortunate to have a garage for my car, so tools and parts are not a concern. Other people's belongings? Yes.
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-Phil Bondi
Original Message:
Sent: 09-20-2022 19:46
From: Karl Roeder
Subject: Business insurance?
I'm fully in agreement with Mr. Sykes. My friend Ron in Miami had his tools lifted from his car and had to start his tool bag from scratch. No insurance. Just the Faulk hammer alone would have made the premiums worthwhile. Never mind the tools no longer available in the US that have to be sourced overseas. My premiums are a bit higher because I take pianos into my shop that can be North of $150k. Even without the rebuilding I'd be foolish to go uncovered. I sometimes work in rooms with $100 million or more in art on the walls. Mr.Sykes's flying bass string could bankrupt me just paying a conservator to repair the damage to the Picasso. I don't mean to be crass mentioning dollar amounts but the reality is that many of us work on pianos and in homes we could never hope to afford. Insurance is expensive right up until you need it.
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Karl Roeder
Pompano Beach FL
Original Message:
Sent: 09-20-2022 11:48
From: Greg Junker
Subject: Business insurance?
I run an office in the home, no customer traffic, and service pianos in homes, churches, schools. I have had business insurance for decades, but question the need for it. PTG offers the insurance and it is the same price as my personal agent. Do any of you carry business insurance for a simple tuning business anymore? Is it even worth the expense? I am already protected somewhat with an LLC. Thanks in advance for your input.
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Greg Junker RPT
Greg Junker's Piano Shoppe LLC
Belleville IL
(618) 971-9595
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