Insurance

[Kathy]

Hi,

I need to get some insurance in place, before I start trading. I will be running the business from home, and currently have householders policy.
Can anyone recommend any insurance companies that will provdide cover without the excessive cost.

Thanks and regards.

[GeoSpectrum]

NFU were great and have a policy which covers exactly what you are looking for. I have just taken a policy out and it covers my home and contents, the home based business, all stock, customers art, machinery etc etc. Very happy with NFU who called in in person to talk through the options. They have also been recommended elsewhere on the Forum.

[Jonny2morsos]

I'm not home based but would also recommend NFU. They seem to build a policy around you rather than fit you to an off the shelf policy.

[vividP]

I've got an NFU homeworker policy that covers my painting/framing activities. It's fabulous value for what it is - seems to cover what the small/part time/startup home business needs (even including employer's liability) but beware some of the numbers - eg single item limits of £500 on equipment, so bit of a bummer if someone's away with your Morso & other gear and it was shinier than mine is. From memory, cost over and above a standard household quote was something in the region of £120 - I was already paying £60 for liability insurance so was over the moon to find it. Human being on the end of the phone was v helpful too. There's a (low) turnover limit too, so once you're earning a proper living you'll have to stump up for 'real' business insurance.

good luck
P

[Jonny2morsos]

You do not need Employers liability of you have no employees. My experience with NFU is they will tailor the policy to fit you so I would drop that if you have no employees and get the single item cover amended.

It might however be a case where they fit you into a ready made policy and any amendments are going to hike the premium.

[vividP]

Sure - 'employees' obviously didn't come up in the original conversation but imagine my surprise when the certificate fell out of the envelope. Similarly we had quite a chat about the single item limit which is obviously too low for most new bits of framing kit. Since the guy assured me they wouldn't be discounting any claim by my nominal underinsurance ie it was just a cap on that part of a claim I was happy to take the policy. My understanding is that the homeworker is a package - if it doesn't fit then you need a 'proper' policy. I'd be curious to find out what the entry price for that would be...

[Jonny2morsos]

I'd be curious to find out what the entry price for that would be...

You might get a nasty shock! Commercial insurance costs and this is probably a lot to do with the fact premises are not occupied for a lot of the time thus making them a target for crime. With a homeworker policy the insurance company knows that your premises are occupied a great deal of the time. In fact if you think about it it reduces the risk for your normal household cover as you are not leaving the premises unoccupied while you go out to work.

[Graysalchemy]

Probably won't affect most of you but when i set up I sat up as a limited company but employed no one. However I need employee insurance as technically as a director of the business I am an employee. So if you are a limited company and work on your own you will need employee cover.

[prospero]

Does that mean every time you cut your finger you can have a week off and claim for it AG?

[Graysalchemy]

Technically yes

I can also give myself a staff appraisal, award myself a pay rise, but also give myself the s*it jobs.

[ShaggyDog]

I got my insurance through Simply Business - the cover for equipment is enough to cover saws, underpinners and mountcutters, artists work is insured as well. I work from my garage, and that is ok. I pay around £230 a year. There is a lot of room for manoevre on the values you put in, and employees can be covered if you have them.

Simon

[prospero]

AG. You know the old saying...... "If you are self-employed you work for a complete b*stard".

[Graysalchemy]

I know but he is going easy on me today as he has as much of a hangover as I do