Nov
22
How to go about getting insurance for my Karaoke machine?
ByI have started renting out my karaoke machine as a way to make some extra money. I have about 3K invested in this thing and worry about someone breaking it when they use it. Does anyone know who I would contact for insurance on this machine? Because of me renting it out I doubt that my home owner insurance would cover this type.
2 Comments
November 22nd, 2009 at 11:57 pm
You need an inland marine policy. These can protect machinery and equipment while being leased out or in transit.
You should also have the renter sign some type of agreement where they guarantee to pay for a new unit.
you may also want to take a credit card # from them in advance and have them agree to let you hit their card if the unit needs to be replaced.
I am a licensed insurance agent and can help you with the insurance on this if needed. Email me if interested.
November 23rd, 2009 at 12:29 am
just call your homeowner’s insurance agent and ask what kinds of insurance are available for business equip rental – ask if you can set up something like car rentals companies have where you can charge the renter an insurance charge (not optional – they must pay) – that way – your customers will wind up paying the insurance premium for you – you might also want to get some kind of extended warranty with the manufacturer for repairs