Question for folks that have their own side business

[Land Rover]

I'm looking at doing more work in the near future and was wondering how you guys handled insurance for gear and liability. I'm not looking to form an official company, at least not yet, so I won't be protected by a LLC designation and be able to keep company assets separate from what I have personally. I'm looking at getting some additional liability insurance but still trying to figure out amounts right now.

Any ideas would be appreciated. Thanks.

[Teddy]

You need to talk to your insurance agent. Most home insurance policies do not cover professional equipment used in a business, even if the business is run out of yur home. You either need a rider on your policy or a seperate policy to cover your gear. I carry coverage for liability and damage to my equipment. I pay a little over $900 a year for coverage. It's less than a day rate and is a tax deductable expense. It's also the cost of doing business.

BTW- I purcase all my insurance products through 1 agent. I might find a better deal shopping around or buying on the internet but to me the service is worth it. People can find cheaper camera work on craigslist but they choose to pay me more because I provide greater value. I try to do the same in my business decisions. Plus Flo, the caveman and the lizzard have never invited me out for a round of golf. Relationships are good.

[Tv Shooter]

Just having an LLC does NOT protect you in case of a lawsuit. It is very easy to pierce the corporate veil on an LLC, especially one such as you would have for your one man video services.

Get a experienced in TV insurance agent and spend a couple paid hours with a business attorney (not using advice gleaned from faceless strangers on the internet).

[Land Rover]

Already talking to an attorney about protection and contracts and my insurance agent as well for equipment and liability coverage. Just looking for any additional advice. Thanks for the responses.

[Tv Shooter]

Go ahead and separate the personal money(W2 income) from freelance (1099 income). Set two different bank accounts. Then you'll have an immediate Profit and Loss statement. Only pay expense directly related to freelance jobs form the business account and vice versa. If you need to take some personal money and put it in the business account, write a check, to have an easy paper trail that you loaned the business money, and that amount was not income.

Again-go for an insurance company that specializes in television industry policies. And don't add it on to your homeowners policy. I have several friends that did that, and upon suffering the loss of their entire gear package, found out how little was actually covered because the gear was used in a business (and yes they told the agent, who also thought that it was covered...but it wasn't). Search "gear insurance" here on Broll, several threads on it.