Question on liability insurance for welding side jobs

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Most of my welding is on art projects, scrap metal sculptures, etc. I have a business license and established my business as an LLC since I knew that one day I may want to move into different types of work. So far I have only done one side welding job and that was to repair a trailer jack. I am thinking about throwing a sign in my front yard or on my truck/trailer advertising light welding work. I have had a few others ask I can repair a chair, make a bike rack, kayak rack etc but not actually done that work yet. I know enough about what I can and can't do that I am not afraid to say no to a job. My home owners insurance policy is through Liberty Mutual. How much liability or business insurance would you recommend? If this thread is in the wrong section, let me know or please move it.ThanksEdit: I just found the thread from Geezerbill "At what point liability insurance" and it had some good info.Last edited by psacustomcreations; 05-27-2015 at 06:12 AM.Millermatic 252 MIGMiller Dynasty 200DX TIGMiller Spectrum 625 PlasmaAltas 12x36 Metal LatheBridgeport Milling Machinewww.psacustomcreations.com
Reply:You need an independent agent. As far as how much coverage to get the answer is how much is your liability exposure and how much of that figure are you willing to pay out of your pocket?Last edited by gundog77; 05-28-2015 at 04:56 AM.
Reply:It depends on what you really want to do. A standard policy I would say starts out at 100k coverage. You need a minimum 500k coverage in state of NJ to be a home improvement contractor. I personally would not get it through your home owners company. That may make it go up.
Reply:how much or lets say the minimum is usually dictated by the state or municipality you live in..as far as how much( top end) what are you worth? you need to be able to protect all your assets from a lawsuit..if you have 2 million in assets( house, savings account,   equipment, employment, pension) then get at least that amount in insurance, because the first lawsuit will pay for itself..a llc( limited liability company) is not as protective as a sub s corporation..on personal assets...some areas its criminal to be in business without any liability insurance....such as nassau county NY...where im located..Of all the things I lost I miss my mind the most...I know just enough about everything to be dangerous......You cant cure stupid..only kill it...
Reply:ThanksMillermatic 252 MIGMiller Dynasty 200DX TIGMiller Spectrum 625 PlasmaAltas 12x36 Metal LatheBridgeport Milling Machinewww.psacustomcreations.com
Reply:When your business gets bigger, your insurance minimums will be less guesswork and begin to be dictated by your customers' requirements, which can seem very random.  I have one small podunk company I work for who requires all subcontractors including myself to keep $3 million in general liability and to have themselves be a named insured on the subcontractor's policy.  I have another customer whose operations span the whole country, whose business type is far more risky than the first company's, and who has never yet even asked if I *have* insurance in the nearly ten years I've worked for them.