Business Insurance - do i need it

edited 16 March 2018 at 6:11PM in Insurance & Life Assurance
3 replies 748 views
Lauraadele18Lauraadele18 Forumite
10 Posts
edited 16 March 2018 at 6:11PM in Insurance & Life Assurance
Hi,


I cant seem to find anyone to help me. You guys are my last hope!

Thanks,
Laura

Replies

  • ReardoaReardoa Forumite
    155 Posts
    Id definitely suggest speaking to a local broker Laura. They will be able to look at the cover you may need and search the market for you
  • forgotmynameforgotmyname Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Hi,

    I am looking to start up my own business buying wholesale fabrics and selling them to the public. Im not entirely sure what if any insurance i need - i continue to google different types of insurance and i dont fit in any type of category?

    I will be selling online only, i will not make or alter any products so do not need public/product liability? I dont provide advice etc so dont need professional indemnity?

    A scenario i thought of was if my client purchased fabric online and a week later purchased another batch of the same fabric but it was a slightly different colour and they were in fact making a product for their client they may try to bring a claim to me that they have suffered financial loss? Would this be my fault or the manufacture i purchased the fabric from at wholesale?

    I cant seem to find anyone to help me. You guys are my last hope!

    Thanks,
    Laura

    Your contract with the buyer and the advert needs to state that colour changes may occur between batches.
    If a buyer has an issue you are 100% liable. You refund the buyer if there is an issue and take it up with your supplier.

    The buyer has no relationship with your supplier, you are 100% the person to correct the problem.

    Have you tested the fabrics? What if a buyer claims your products colours ran in the wash and ruined a whole batch of clothes?

    Are your fabrics fire retardant etc?
    Censorship Reigns Supreme in Troll City...

  • jonesMUFCforeverjonesMUFCforever Forumite
    28.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    If you can comfortably afford to compensate any and all of your clients should somebody muck up - then no you don't need business insurance.

    Most people will though!

    Above post about seeing a broker makes sense as premiums will vary as to what you want covering.
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