Good afternoon all!
I have been a member for a while and read a lot if things on here, but this is my first time to post anything, so I apologize if I am a bit unclear on what I am asking. I have read through the other insurance threads and got some good information, but my questions is a bit more specific, so here it goes.
I have made syrup the last 3 years (this is my 4th), getting bigger each year. This year I started a farm (sole proprietor) to try and recoup some of my investment moving forward and get the tax advantages of the costs. This year I built a sugar shack and added quite a bit of infrastructure to get ready for more growth in the future, as I am hoping to produce around 40 gallons or so. I called my insurance agent (currently only homeowners/vehicle/personal liability) and asked what we could do to add a farm policy to my current plan (Erie). He made some calls to the underwriter and they refused to add a rider to the policy since there would theoretically be "food consumption", so my agent is stating that I will have to open a full commercial policy including liability. Also, Erie states they will not renew my policy unless I provide proof of commercial coverage due to the increase in liability. The quote for $5,000 in contents (okay for now, will need raised in the future) and $300,000 liability is $530 per year, so needless to say I am a bit taken back since I am looking to gross about $3,000 this year.
If this is necessary, I will eat it, but I didn't know if you guys/gals had some similar situations that you may be able to shed some light on for me. Can I get a separate policy through another company out of my area? If so, any suggestions? Should I start shopping again for a total bundle?
I really appreciate any thoughts in advance! Sorry for the long post, I just am a bit set back here, and it is getting super close to go time here in WV! I included a picture for reference if that could help.
Kody
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