business insurance

[TQfan]

Hi all

I do embroidery and various other personalisation (vinyl, dye sub) and am in need of business insurance.

i am struggling to find cover online. i put all my details in just to have them say call them because they can't do a quote online. i always forget to call during the day, which is why online is so much easier, lol!! i have a few companies to call, if i can find the reference numbers again.

in the meantime, anyone have any recommendations on companies to try?

thanks

[logobear]

how do you trade?
A retail shop, online only, or market stalls, craft fairs car boots etc?
Different policies for each type.....

[Earl Smith]

Ive got to ask. How did you get your trading licence without having insurance? Over here the landlord wont give you your contract for your work unit without first having insurance.

[pw66]

Don't need a trading licence in the UK.

[Earl Smith]

Don't need a trading licence in the UK.

So when you buy from a supplier, any Tom, Dick or Harry can buy from them and no questions asked?
Not really fair ( if that is the case) on serious businesses.

[pw66]

So when you buy from a supplier, any Tom, Dick or Harry can buy from them and no questions asked?
Not really fair ( if that is the case) on serious businesses.
I agree. Explains why there are so many people on ebay and Amazon selling for next to nothing.
The only requirement is that you register for tax within the first few months of trading ( or it was when I started).

Most suppliers websites will allow unregistered users to buy as 'guests'.

When I started in retail in 1989 it was very different. I had to traipse around the cash and carry warehouses in the East End of London or Cheetham Hill in Manchester asking suppliers if they would serve me. Plenty would turn me away because they had several accounts in my town, those that would serve me had a minimum of £500. Others would require trade and bank references.

Now you can spend £20 online and get trade prices.

[logobear]

if you are only spending £20 online you are not getting trade prices, BUT - there are so many more supplier options now, working on tiny margins, the difference can be much less.

It is strange for us to hear that trade is regulated this way in germany. Sure we have to be responsible for tax, accounts etc, but how can you get started in serious business without dipping a toe?

[pw66]

but how can you get started in serious business without dipping a toe?

You had to take a chance, do your research and make a commitment. That usually involved having some form of physical business premises. It has become too easy to start-up over the last 15 years.

Most of the online suppliers - Xpres, MDP etc - have no minimum spend, so unless you phone for the best price on everything then you are still getting the standard trade price on a £20 purchase. That's not to say there are not bulk discounts available - there always has been.

[TQfan]

how do you trade?
A retail shop, online only, or market stalls, craft fairs car boots etc?
Different policies for each type.....

i was working from home but recently moved into premises. it's not a shop, basically a room with more space than i had at my house!
i have a website, facebook, but i don't sell on them yet. business is word of mouth at the moment. now i have premises, i can do more.

i'm not sure of reputable companies to try, hence me asking for advice. not sure if the ones i found are good or not, because i've not heard of them. a couple did say to go through a broker which i have two of in my city so am going to try them as well.

thanks

[mrs maggot]

TQFan, contact the NFU they offer a good business insurance, and a local insurance broker. I don't use the online ones at all, I prefer to have a point of contact. We have used both the NFU and now a local broker, for both of our businesses, and use the NFU for our home insurance still.

[pw66]

Plus one for NFU. Also try your local High Street Brokers - such as Swinton - they will phone around for a number of quotes.
You will probably find it hard to arrange business insurance online. I have always found most websites want me to phone for a quote.
Be honest with the broker about exactly what you are doing. There is no point trying to get the premium down if it leaves you uncovered. If you are selling mugs or safety clothing it is best to get product liability as well.

Do you have to insure the premises as well?

[TQfan]

Do you have to insure the premises as well? buildings insurance? is included in the lease.

thanks for the replies, i will take a look at NFU and contact the brokers. don't think we have well known ones here, just local ones. my dad goes through one for his taxi fleet insurance so going to talk to them first.

don't do safety gear but do mugs. all online sites have recommended products liability, after telling them what i do, so think that's why i found it a bit strange they couldn't quote me :rolleyes::biggrin:

thanks again!!