Struggling to find business insurance

mum24

Hi,

We run a small business from home basically buying and selling on. We keep our stock at a secure storage location down the road. We are struggling to find anyone to insure us. The insurance companies are giving us different reasons for this....

1) We are a Limited company working from home
2) Our type of business doesn't appear on their list
3) They don't insure stock.

Can anyone suggest any companies that might be a bit more flexible but not too expensive?

Many thanks

dacouch

What type of items do you buy eg electrical etc?

Where are these manufactured eg China?

What sort of secure storage location do you have eg is it a proper business premises or a garage? If it's a property business premises do you have you own self enclosed area that no one else has access to?

Do you sell the items on to countries outside the EU?

mum24

Hi,

We sell industrial supplies ranging from lifting equipment, fall arrest equipment, packaging supplies, rope, marine fittings and a few more.

Manufactured worldwide but brought through agents in the UK.

Our goods are stored at a storage and distribution facility. We have our own self enclosed area that no-one else has access to.

We sell to countries outside the EU about twice a year.

mattymoo

mum24 wrote: »

Hi,

We sell industrial supplies ranging from lifting equipment, fall arrest equipment, packaging supplies, rope, marine fittings and a few more.

Explains a lot.

The storage issue is not a problem - most firms tend to use logistics operations to store stock so nothing unusual there.

The main problem as far as insurers are concerned is the type of product, in particular the lifting equipment and fall arrest gear. If you are looking for products liability cover (which you should be) then you need to speak to an insurance broker. They in turn will need to speak to someone in the Lloyd's market.

Any kind of safety critical equipment is considered high risk by insurers. Even more so if you ever export to the USA.

dacouch

The problem you have is the items you are selling would be perceived to be fairly high risk by a lot of Insurers. When you are applying for homeworker cover they like "normal" businesses that have very little risk and / or they understand. Its far easier for the underwritters of the Home Worker Policies to say no if they don't understand your business or feel its higher than normal risk.

Your best bet would be to contact a local broker, preferably one that specialises in Business Insurance. They will probably arrange a Commercial Insurance Policy for you rather than a Homeworker Policy.

I assume you gained your expereince in the trade by working for another company, it might be worth contacting their Insurers as they will understand the trade. (You can find out who Insurers them by looking at their Employers Liability Certificate which shold be on display at their premises.

I would guess the premium would be fairly high for your business, a lot of the premium will be eaten up by the Product Liability element of the premium.

DKLS

Have you tried this bunch they quoted for me, when others refused, As soon as I mentioned the word "medical" a lot of insurers run for the hills.

vikingaero

Try these peeps:

http://www.ukinsurancenet.com/business-insurance.asp

Or failing that:

http://www.obis-uk.com/

Only problem with OBIS (One Business Insurance) is that I find their service a bit sausage factory.

mattymoo

vikingaero wrote: »

Try these peeps:

http://www.ukinsurancenet.com/business-insurance.asp

Or failing that:

http://www.obis-uk.com/

Only problem with OBIS (One Business Insurance) is that I find their service a bit sausage factory.

I suspect both of those firms will "no quote" this case for reasons stated above. Certainly the first one - ukinsurancenet - is firmly aimed at shops, offices, bistros and the like. This is simple package policy type work where you either fit into the criteria or you don't. Some of us call it FIFO underwriting - Fit in or !!!! Off.

Mum24 - tell us what county you live in and we'll find you a decent broker who is going to understand your requirements and know who he can approach for a quote.

mum24

Hi all you helpful people....

Many thanks for your time. We are based in Devon but are near the Dorset & Somerset borders. Any ideas?

dacouch

Try doing a search using this (Members of Biba tend to be higher quality)

http://www.biba.org.uk/ConsumerHome.aspx

mattymoo

Try these
http://www.gm-insurance.co.uk/
http://www.towergaterisksolutions.co.uk/
http://www.smartandcook.co.uk/page.asp?PageID=112 (branch directory page)
http://www.lwib.co.uk/ - Livingstone Warman based in Yeovil.