I am trying to Purchase a Finger break for my Business and the leasing company financing got a quote of $309 annual premium , $1000 deductible for Theft only on a manually operated machine basically a Theft only policy
Machine financed for $6982.20

It is a 12ga. 8"-0" finger break non powered.

Also the Machine is 11' long 3' wide and weighs 3600 Lbs. no one is just going to walk away with it.

I shot back an email to the finance company that this was RAPE and every year the insurance would raise the premium

Can I add a writer on my home owners policy to cover this machine or do I have to get a policy for the machine do to it being Business equipment.

Any help would be appreciated

I gotta ask. WTF is a finger break machine?

Box and Pan Break or Finger Break. I has removable fingers so that you can control how wide the bend is.

It bends sheet metal for cabinets tool boxes or anything else you need sheet metal bent for.

The one I am trying to buy is 8'-0" and has removable fingers as small as 2" and a 6" depth for making up to 6" deep boxes or drawers.

A Leaf break has no removable fingers 8'-0" would be an 8'-0" bend with very little to no Box capability.

Where is the machine going to be physically located? Is it bolted to the floor?

Are you buying or leasing? If leasing, is theft insurance a requirement? If buying, "Simply Safe" Burglar alarm is cheaper than $300 a year.

It will be at my home.
in the garage.

I have a 20' gooseneck trailer in front of my Garage that is blocking any access from moving a 3600 Lbs piece of equipment.

I am trying to build Business credit.

Every time I have tried I have been denied my fICO is over 700 for personal but I am guessing 0 for my company of over 10 years.

The guy helping me said that a Lease is the way to go.

I told him where I was putting it. May be his helper girl does not know. But I think $309 a year for basically Theft only is Rape.

The policy application said Hurricane and flood coverage / Hurricane and flood not covered

Double talk BS

Theft only the was I read it.

It should be covered under your home owners policy as personal property. Doubt they will cover it for the full price. You would need a rider that insures it for an agreed upon price. Call your home owners insurance company. Should be a pretty simple deal.

I plan on calling my own Insurance guy and my Home Owners Insurance on Monday to see what they can do for me.

Insurance Company's really Piss me off.
They take you money and then when you have any kind of a claim they find ways not to pay you.

Well they would not Finance the thing for Personal use their excuse was it is too much of an industrial piece of Equipment for personal use.
I told the finance guy that My Vantage 400 a 450 amp welding machine was for my personal use as well. But they would not except my argument.

I had to pay the $309 Extortion commercial insurance to finance it my home owners insurance would not do an additionally insured.

That said For the sheet metal workers out there.

Besides a good Sheer and a good Break what other equipment is needed for a good sheet metal shop.

I already have a good equipment for structural steel and am looking to expand into sheet metal.

I have been looking at Notcher's but I do not see what a benefit they would be to me.
And I am looking for a good Roll to pop up and a Spot Welder.

When I finally Escape Communist Mexifornia I would like to be set up to do a variety of thing so I am versatile enough to support my self off Grid

Any thing else that I may grow into as I start doing more projects?

I would Appreciate any advise

They will ask what it's for and if you say it's commercial...you get paid for it...or people are on your premises for purposes related to the thing they will most likely tell you it's a business policy you need.

If its just personal use then a Personal articles floater. List it and I would think all risk would run you way less than 200 a year

I told them it was personal use only but that did not fly with them.

I think they just wanted more money for themselves. They probably own the Insurance company as well.

The deal is done now.
I told the financier that as soon as I could pay it off I would and then next year they can screw the Insurance because it would be mine free and clear.

I meant on your home insurance

Surprising, I figured everything in California would be easy........

Who do you have your business liability and or products and operations coverage with? That agent should be able to help place coverage for the equipment.

Perhaps there are better ways of building credit for your business? I understand the theory of building credit, but pissing away money to do so is pissing away money. Your business goal is to make a profit for your company, not the credit companies and insurance companies.

Maybe I'm missing something.

They would not accept my home owners Insurance for what they called Commercial Equipment.

Even after I told the Finance guy what I was using it for.

I don't have Business Insurance.
I am an Inspector first and a welder second.
The equipment was for me personally for a lot of projects that I have for my self and figured why pay someone when I can do them my self.

My Hobby is Building stuff.
I can not sale Ice water in He!!. I have just never figured out how to be a salesman. And that has hurt my Carrier a lot over the years.

I have tried many time to build Business Credit and I gave up until this Equipment pop up and figured I would try again and it did work if I paid The extortion Insurance.
Which I have for 1 year so we will see how it all pans out.

If it has ANY business use your homeowner's policy won't cover it. It's not something that an average homeowner would have and use, and they would deny coverage under a personal lines policy.

Get an agent who writes BOP (Business Owner Policy) coverage and get a BOP, then add it to the policy. If you're conducting a business out of your home this is especially important, as you expose the home to liability not covered by Homeowner's Insurance.

On the BOP they could go to a specialty insurer that writes floaters for this kind of equipment. A good independent agent is my recommendation, and a company like Fireman's Fund or The Hartford for the BOP would be good. The agent and main insurer could work with a specialty company. You do need a commercial policy.

"Business Credit" is pretty much an illusion for a small business, or even a medium sized business. I've had "business" leases and loans for over 20 years, but any significant loan transaction still requires a personal signature.

I'd not spend a penny trying to "build" business credit.

I have come to the conclusion that it is a Joke my self.

Over 10 years in Business with a record of always paying my bills on time and no one would give me credit when they practically throw money at everyone else that I have met in business.