Small Business Insurance

Frosti

Can anyone suggest a company who can provide reasonably priced insurance cover for a sole-trader business, operating as a cycle repairer in a council-owned starter-unit workshop?

This is not a brand new business, but having checked the renewal papers for the existing insurance, it is clear that the policy is not really appropriate (ie. covers shop-window breakage, plus five employees - as the workshop hasn't got a plate-glass shop front and there are no employees this policy seems very expensive because the cover offered is not what is required. The insurer said it's their standard policy and they cannot vary the terms).

Any suggestions welcome, thanks.

dogbot

A lot of things come bundled in packages for small small business cover like this.

What is the policy called and who is it with?

It is a bit of a tricky business, as it doesn't fit easily within the mainstream package policys you get (which are Shop, Office, restaurant, licenced premisis, Let property, contractor, and then some specific schemes for trades based on these, e.g. Salon) but more something that might fit under what is called a "combined" policy, which are more tailored. I suspect you have been sold a shop policy from the shop window cover and the fact that it is described as a "standard policy".

Package policies are like those you get for say, home insurance, you buy a package of covers and thats it, there is little tayloring. Combined policies are more like household policies for the high net worth - more can be taylored.

Shop window cover is not always standard in a shop policy, and employee cover is certainly not - this is something those providers going for volume offer so i guess they are a direct insurer not a broker?

You are best to find a good independent local broker who can talk though your exact needs and try quotes on a few different products - so try comparing a few different shop policies and also possibly some "compined" policies. There is nothing wrong with having you under a shop policy if the insurer is happy they understand what you are doing at the premises - having cover you don't need isn't really a problem unless you can get something better value that doesn't include it!

A local broker will be better at explaining the differences in policies on offer to you - e.g. what security terms or conditions each require and so on - and also hopefully provide some risk management advice that can help you.

mikey72

I've used towergate, axa, but just gone through Swintons as a broker.
There were a couple of things I wanted that the other two couldn't do, swintons local branch don't do business insurance, but they put me through to their commercial side. Got want I wanted for a good price.

jappie10

Hi Frosti,

Something to consider is getting a quote for specifically what you need. There are a number of insurers that will offer you set packages of cover - these often contain aspects which you have no need for and may never use. A fairly expensive section of your insurance will be the employers liability cover - so definitely look into that part if you don't have any employees. If you're having issues tracking down the right cover let me know.

kind Regards

Tim
Simply Business