The Framers Forum

Just to share with the group, I have recently taken out a business insurance policy with Hiscox Insurance.
Customer service was great, with far less questions and backwards and forwardsing to check details with insurers. Altogether an easy process, higher cover than previously and a saving of over £300 on last year! Highly recommended.

Proof of the pudding is are they still great when you make a claim

Well seeing as we pay it every year anyway, less for more is a win win, no? If the worst happens, they'll pay out if ive kept to the fine print,which ive read letter by letter of course...

If your insurance company comes under FCA regulation and you've checked the policy you will be fine, there's far more risk in being under insured, which can have very serious consequences.

If you actually sell 'art' then insurance can be a bit tricky.

A friend of mine who had a gallery had a situation where he claimed for a painting (his own) after some kind soul chucked
a scaffolding pole through his window. The frame was no problem. He could show from his records what it cost him.
The painting he couldn't. He had priced it at about 150 if memory serves, but that was his own selling price. The insurance
man only wanted to reimburse him for the canvas a paints. It the painting had been 15000 the cost of the canvas/paints
would not have been more. He was left proving that his painting had a value of 150 pounds.

I can understand this from the insurance company's point of view, but it's worth considering the implications.

Also worth considering just what situations a insurance company will pay out on. They are fewer than you might think.

First time I have ever considered claiming on my business insurance policy. Arranged through a local broker including business interruption insurance. Made the call to the broker to enquire about the process of claiming should we be enforced into closing - the answer was not covered for infectious diseases/pandemic. I truly despair. What is the point in insurance if its not there when you need it most. What a con. I'd have been better off putting all the money I've invested in these useless policies over the years into an ISA. At least I'd have a tasty sum when I come to retire...

..but if you had had a fire you would have been covered....risky strategy imho.

GeoSpectrum wrote
"..but if you had had a fire you would have been covered....risky strategy imho."

Ain't necessary so (as the song goes) depends on how the fire started, if it was a infectious diseases/pandemic and you decided to use a blowtorch to clean down your bench and it caught fire, or you have any butane tanks of any sort on the premises, or your wood waste from your Morso/router or any machine is not cleared out every night and stored outside or in a fireproof container, then most probably the insurance company will not pay out

Exactly.

I also checked with my insurance broker this week about my business interruption cover specifically about the current pandemic.

The answer

You are only covered for a notifiable disease if the local health authority order me to close down because my shop is the source of that disease and the cover for that is half payment compared to closure due to fire or flood.

There has just been an article on radio and spokesman from Association of British Insurers said you will be fine if you have the right cover for the situation - interviewer tried to point out cover for this is therefore unlikely to be available because nobody knew about this until very recently.

Here’s hoping my business falls into the category eligible for £10,000 grant announced earlier this week - getting a little worrying as I’ve not yet had an order this week