Whether you are an artist, photographer, Mary Kay consultant, hobby farmer, or pursuing some other passion, there may be insurance ramifications to consider.
The first steps are asking the questions – Who, what, where, when, why and how?
- Who does my hobby involve? Am I seeing clients?
- What activities does my hobby include? Is there inventory to insure? Are there equipment or tools? What is the primary purpose?
- Where does the hobby take place? Is there a liability exposure? Are people coming on the property? Does it require travel?
- When do you work on this hobby? How often are you working on this hobby in terms of hours?
- Why are you involved in this hobby? Is it for pleasure, creating a profit, or just a self-fulfilling reason?
- How much revenue are you generating? What are your annual sales?