Product And/Or Public Liability Insurance For Home Business


J

Jessica

Later on this year I hope to start a small mail order business from
home marketing jewellery and watches in the under £30 range. So at
the moment I'm considering what insurance to take out.

I would be a sole trader, not VAT registered (because of expected
turnover), and with *no* employees. At the moment I'm considering
product and public liability insurance, and was wondering what your
thoughts on this might be.

I do not think I would require public liability insurance, as I would
not be selling at markets/shops or in similar ways. It would all be
mail order. Also, the delivery person who would call would never be
in my house or on any property belonging to my house, as it fronts
directly onto a public road i.e. there is no front path or garden
belonging to the house. Does anyone have any thoughts about this?

Also, would it be sensible to take out product liability insurance for
the marketing of jewellery and watches by mail order? If so, is there
anything I should specifically look for in such a policy?

Is there any other insurance which it would be wise to take out, other
than insuring the actual stock?

Thanks. Jessica
 
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G

gspark

I do not think I would require public liability insurance, as I would
not be selling at markets/shops or in similar ways. It would all be
mail order. Also, the delivery person who would call would never be
in my house or on any property belonging to my house, as it fronts
directly onto a public road i.e. there is no front path or garden
belonging to the house. Does anyone have any thoughts about this?
What about workmen ? Check your business property insurance and see how far it
covers your liability to any third parties on the premises.
Also, would it be sensible to take out product liability insurance for
the marketing of jewellery and watches by mail order? If so, is there
anything I should specifically look for in such a policy?
As with any insurance, define the worst that can happen and what the financial
liability is likely to be. Then decide if you can self insure, or have insurance
with a high excess to reduce premiums.
Is there any other insurance which it would be wise to take out, other
than insuring the actual stock?
If you enter into any longstanding contracts then you need to counter anything
that could stop you fulfilling the contract, such as illness (look into health
insurance and annual checkups) requiring a temporary or permanent replacement
(look into keyman insurance).

It's worth checking industry associations, as they often offer good deals on
insurance to their members represented industries.

I assume you're aware of the following -

<URL:http://www.rbs.co.uk/Small_Business/Insurance_Services/default.htm>
<URL:http://www.axa4business.co.uk/>
<URL:http://www.startingabusinessinbritain.com>
<URL:http://www.businesslink.org>
<URL:http://www.fsb.co.uk>
<URL:http://www.homebusiness.org.uk>

hth

Daytona
 
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S

Stephen Burke

It's worth checking industry associations, as they often offer good deals on
insurance to their members represented industries.
Also if you look around on the web you may find other people who are in a
similar area, and if you aren't a direct competitor they may well be willing
to give you some free advice.
 

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