cancel bsiness insurance direct debit or not

cassietony

Cant get through to business debtline been trying all day. Shop insurance ( which covers shop windows mainly and public liabilty) is due to go out my private joint bank account next week should i cancel this now before i go bank rupt on friday not bothered bout public liability prt cos obviously wont need it but what happens if over weekend windows got broken who is responsible then, me, OR or landlord. thanks

stevemarsh1976

do you own the building ? do you have stock in there ?

cassietony

no i dont own building just rent it . I do have stock in there but once ive gone bankrupt friday it will belong to official reciever wont it?

stevemarsh1976

Im no sure on the rules regarding the stock and OR someone else will have to confirm that. However if you dont own the building and arnt trading from the premesis then you wont need your policy. I assume its a package policy and the glass is inclusive however the landlord should have similar cover anyway as he will have a policy for the building.

Maybe inform your landlord as he becomes resopnsible for the PL if youve officially vacated, sounds daft but if someone broke in and injured themselves he/she can sue (PL)

cassietony

thanks for that info was great, something else i can tick of my list thanks

onward

cassietony wrote: »

no i dont own building just rent it . I do have stock in there but once ive gone bankrupt friday it will belong to official reciever wont it?

Is your business a Ltd Co, and if so, are you the sole director? If so, the OR won't touch it, and technically the stock will belong to the crown (Bona Vacantia department I believe), although if you owe money to the landlord, they may well seize any stock to recoup their loss.

You really should take advice re the public liability thing...i.e. make sure you are covered until you are no longer liable for any loss.