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IN-HOME BUSINESSES
By Chuck Wells
A common misconception is that
if you are running some type of business from your home and
don’t make much money, or even lose money, you don’t have to
worry about insurance. That is
not true.
Your home insurance policy is set up to protect you against
lawsuits when someone says they were injured by your negligence.
It will not protect you if you charge even $1. for a service.
That is a business and your standard home insurance does not
cover any business activity.
So what kind of businesses are being run out of our homes which
are not covered by our home insurance? Daycare (an occasional
babysitting job by a teen is ok), hairdresser, dog kennel, car
or lawnmower repair, an office (especially where customers come
to the home), and perpetual yard sales.
How can you avoid problems? Call your insurance agent and see if
a rider can be added to your home insurance policy to cover your
in-home business activities. If not, you may have to get a new
business policy. If you don’t make much money off your business
and it is not worth paying for this extra insurance, you may
have to discontinue the business rather than taking a chance of
someone suing you. Keep in mind that you do not have to do
anything wrong to be sued in today’s society and it could cost
you a fortune just to defend yourself.
TOBACCO SETTLEMENT MONEY
As you know, tobacco companies were sued by lawyers who were
concerned about our health and welfare. They thought that we did
not understand how bad cigarettes were for our health so they
wanted to punish the manufacturers and get some money to us for
our trouble. They were doing this out of the kindness of their
hearts.
One of the lawyers from Texas involved in the lawsuits against
tobacco companies bought a $4 million jet along with his
partners with his winnings.
Another lawyer in Mississippi bought a $192,000 Bentley
automobile.
And a lawyer in South Carolina used his fees from the tobacco
settlement to buy a 74 foot Hatteras yacht worth $2 million.
Do you feel better now?
ROAD KILL TO GO?
West Virginia says it has a serious problem with road kill and
wants to change its law. It seems that if you hit some animal in
West Virginia, you can’t take it home and eat it unless you
notify authorities first and get their permission. This could
take hours and by then the road kill is spoiled (really). So
they are proposing “meals on wheels” legislation that will allow
you to scoop up that morsel and take it home with you for dinner
tonight.
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