My sister and her husband have decided to retire early and they are investigating the possibilities of earning some part time income in the future from house sitting
and possible minor household tasks (bringing in mail, watering plants, etc.) Her husband also has some handyman skills. They live in an area of wealthy estates.
I know nothing about this but suggested they look into some kind of personal liability insurance as I am not sure this would be covered by an umbrella policy.
Has anyone done this kind of work? if so, any tips, advice, warnings?
Thanks, BFG
Personal Liability Insurance
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Personal Liability Insurance
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
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Re: Personal Liability Insurance
Rather than speculate they should contact their current insurance provider.
Re: Personal Liability Insurance
Most personal liability insurance policies have exclusions for business activity as a rule of thumb. For handyman work, I am sure there's got to be some cheap commercial insurance.Barefootgirl wrote:My sister and her husband have decided to retire early and they are investigating the possibilities of earning some part time income in the future from house sitting
and possible minor household tasks (bringing in mail, watering plants, etc.) Her husband also has some handyman skills. They live in an area of wealthy estates.
I know nothing about this but suggested they look into some kind of personal liability insurance as I am not sure this would be covered by an umbrella policy.
Has anyone done this kind of work? if so, any tips, advice, warnings?
Thanks, BFG
"Don't trust everything you read on the Internet"- Abraham Lincoln
Re: Personal Liability Insurance
Do they have experience doing these little jobs? If not, why don't they advertise and do the jobs for free for 6 months to see how it works out. During that time, liability insurance may be needed in case someone claims they took or broke somethings.
A dollar in Roth is worth more than a dollar in a taxable account. A dollar in taxable is worth more than a dollar in a tax-deferred account.
Re: Personal Liability Insurance
Rather then retire and then start doing odd jobs at low pay, why not work an extra year longer and not then have to water people's plants or walk their dogs when retired? As to liability? I think the clients have more worries than they do.
Re: Personal Liability Insurance
You really do need to check. I know my umbrella policy does not cover anything work related.
Re: Personal Liability Insurance
For planning purposes, you should assume no coverage. For example, if one owns a home, homeowner's liability coverage will exclude business activities. Same with a car (think car-sharing). If you have a business, you need both primary and umbrella (or excess) insuring the business. Dog walker => dog bite => lawsuit. As opposed to dog pet => dog bite => lawsuit.
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Re: Personal Liability Insurance
+1.Calm Man wrote:Rather then retire and then start doing odd jobs at low pay, why not work an extra year longer and not then have to water people's plants or walk their dogs when retired? As to liability? I think the clients have more worries than they do.