Business insurance for the lockdown

wheelermcs

I work , luckilly, in a full time job but on my days off I run a motorcycle repair shop . Running since 2008, the last year has been quiet, Im lucky to have had 4 customers since last March. My insurance is due and Ive tried many brokers, none can come up with an option and I dont really want to pay £1800 as Ive got no work comming in but still need to insure the tools and ramps etc. House insurance wont cover as its away from home, any ideas for a laid up policy bearing in mind Ive got oils and flamable items in my unit which is part of a building with other units in.

Sandtree

Your only option is to speak to a number of brokers, some are better than others. You'll need to consider what risks you currently want insuring like Public Liability, Employers Liability, Business Interruption etc. The more you can do without the cheaper it'll be.

How much are the oils and other flammables worth? May be cheaper to discard them for lower premiums than to keep them and pay an increased premium as a consequence. 

wheelermcs

thanks Sandtree, Ive spoken with a few brokers, they either want around the same price or they say we will have to ask the underwriters and I never hear from them. There is a lot of oils stored and if I got a call from a customer would have to buy again, although I could probably move them to home.

Sandtree

There are legal, rather that insurance, restrictions on storing certain flammables at home... not that it ever stopped by father filling the shed will gallons of samples of petrol (nor paying the lawn mower lad with fuel) - he did quality & quantity survey in the oil industry, wasnt just for big bonfires (though that was another method of getting rid of old samples).

Keep on with the hunt for a good broker, they are out there and probably slight more than the really bad ones but many are more middle of the road and want the easy to place business... when I speak to the majority of brokers saying what I do etc they dont want to even bother trying to get pricing as they know it'll be too much work for too little reward.