brianidaho
Silver Member
I did some searching on insurance here, mostly what I was finding was coverage of the tractor when used for personal use. I'm buying a new tractor, it will be used for maintaining my property, but I want to also take on some outside work, hopefully enough to help with payments. I'm hoping you can give me suggestions with respect to insurance and liability issues.
In order to qualify for the tax writeoff, and to limit liability, I have been advised to file as a LLC. I just did so today, as well as filed for a EIN for the company. My understanding it that the LLC's assets are all that are liable under this structure. Are there any special issues involved with regard to personal use of the business asset?
Also, what should I be looking at for liability insurance, and what should I look to pay? In addition to the liability issues, I'll need coverage for the usual collision/comp/theft etc items you would normally have for auto insurance.
Tractor is 32HP, primary commercial uses will be snow plowing, road grading, bush hogging and FEL work.
Also, when agreeing to do business for a customer, do you do any kind of contract or liability release? One item that concerns me is potentially hitting burried items when snowplowing, I don't know what I should look for here. If the customer doesn't tell me where hidden stuff is, am I liable? I'm thinking a sketch of the roadway/parking area, identification of any "special" concerns and customer signoff wouldn't hurt.
Thanks for any thoughts.
Bri
In order to qualify for the tax writeoff, and to limit liability, I have been advised to file as a LLC. I just did so today, as well as filed for a EIN for the company. My understanding it that the LLC's assets are all that are liable under this structure. Are there any special issues involved with regard to personal use of the business asset?
Also, what should I be looking at for liability insurance, and what should I look to pay? In addition to the liability issues, I'll need coverage for the usual collision/comp/theft etc items you would normally have for auto insurance.
Tractor is 32HP, primary commercial uses will be snow plowing, road grading, bush hogging and FEL work.
Also, when agreeing to do business for a customer, do you do any kind of contract or liability release? One item that concerns me is potentially hitting burried items when snowplowing, I don't know what I should look for here. If the customer doesn't tell me where hidden stuff is, am I liable? I'm thinking a sketch of the roadway/parking area, identification of any "special" concerns and customer signoff wouldn't hurt.
Thanks for any thoughts.
Bri