I have told my colleagues at work and my close friends that insurance was the last thing I expected to keep me from realizing my dream.
State Farm issued a business policy at a reasonable rate but then retracted it almost immediately because of miscommunication between the agent and the underwriter about what they were insuring.
I eventually switched to Farmers because they offer a “Business Pursuits on Premises” endorsement – an inexpensive line item but a more expensive policy overall. But that complicated finances between my personal account and the LLC and there were some who questioned if Farmers would pay on a loss (did they really know what they were insuring?).
Finally I found an agent that knows his stuff at Walnut Risk Management here in Kansas City. He understands what my concerns (risks) are and the value of the asset (not just BOM but labor too). We got the binding confirmation today for the property coverage. He also has a general liability policy lined up for when we are ready to take riders.
Needless to say I will sleep easier tonight. And I have the flexibility now to reposition the simulator for my employer’s BBQ next month and Maker’s Fair (if they ever respond) in June.