Business Insurance

rach1509_2

HI guys

I am just starting a new business - Thingimijigs that will be an internet and party plan clothing retailer (along the naughty knickers, Ann Summers line)

I am looking for Public Liability, Employers Liability (do I need this if only me and hubby own business as ltd co) and product liability - is this necessary. The business will be run from home and 3rd part houses.
any advice on cheap places to look

Robboseven

Having recently started my own business I can offer the following:

If you are dealing with the public even at their own homes you will need public liability insurance (trips falls etc)

If you sell products you should have product liability insurance (in case someboby gets cut in half by a thong or strangled with a bra in your case)

If you are a limited company you should also have employers liability insurance as well even though it's only two of you. You would both be 'employed' by that company.

The insurance isn't as expensive as you might think as you should be able to get all three as a package. Try looking at http://www.icon-insurance.co.uk/. It's where I got mine.

Good luck with your knickers.

marble

I agree with public liability but am unsure of the other two.

Employer's liability is in case one of your employees tries to claim off you for damages (maybe your husband will cut himself in half trying on a thong?). If it's just you and your husband, I suspect you won't try and affect the business by doing this. Of course, if something does go horribly wrong, you may need to claim. I can see this being more applicable to window cleaning (fall off ladder, need constant medical care etc) than selling adult products. Some insurance companies won't sell you public liability insurance without employers liability, so you may not have this choice.

The product liability I am less sure about. Doesn't the insurance cover the maker/designer of the product? As a reseller I don't think you're liable. And even if you were, surely you could reclaim anything off the designer/maker (since you were reselling a dangerous product of theirs?).

If anyone knows any different, I'd love to know, as this is a bit of a gap in my knowledge!

Al

Robboseven

I think you could probably get away with no insurance at all - a lot of small businesses do and lets face it the chances of a claim in this case are about a slim as a dental floss thong ::)

Worse case: You employ a part time person to do your parties. At a party a customer gets tipsy trips over a box (I'm trying to keep this clean and not make any electrical references) grabs the employee and they both fall through a glass coffee table.

You just have to weigh up the risks and for peace of mind it doesn't cost much really.

rach1509_2

Thanks for all the help to date........I am checking out the insurance details, and this so far seems to be cheaper.......so maybe I can offer you a discount on a pair of furrry handcuffs ,Robboseven ;D??

rach1509_2

???

I still need help ????

I have checked out the insurance advice given, and everyone is happy for the retail internet and the employees liability etc, but no-one wants to insure me for party plan !!

any advice??

vansboy

Find out who does partyplan of a product not in competition with yours - & ask them, or the firm, what they do about insurance.

Does Tupperware still exist?? Certainly candles/jewelery type parties do!!

VB

Robboseven

Sorry for the delay in replying rach, couldn't get those bloody handcuffs off. Were they seconds? Can't think of any other advice other than what's already been given. The last suggestion seems logical. Try having a look at some franchise websites and email them to see what they do. Probably shows just how risky it can be using peoples homes to sell in. Good luck ;D