E-Commerce Insurance?

[Beepud]

Hi all - first post :)
I am having a hec of a lot of hassle trying to get insurance sorted this year for my home business. I sell via my own websites and hold stock at home yet it seems nobody will insure a company that has stock - they cater more for tradesmen work at home businesses. I am now trying to find premises before my current insurance runs out but there is not much around unless I buy premises which is a huge expense just to get insurance and I am near tearing my hair out. The business is growing each year and I would be very frightened not to have insurance so can anyone suggest a company that may be able to help? Have tried the usual ones such as Axa (wont insure cos of stock), Hensure (cant get cover as we sell make-up items also??), MoreThan (only cover trade people from home not retail) and tons more. This is causing lots of stress and any help would be appreciated.

[UKSBD]

http://www.directlineforbusiness.co.uk/businessfromhome/summary.htm

[Beepud]

I''m sure I tried them and they said no due to keeping stock at home (despite saying on that page they cover it) and also said no as one of the items I sell is a make-up/cosmetic item and apparently many companies wont insure for beauty items. I will call them again tomo as their website does say they cover stock so many they are wrong about the beauty items too (prob not but worth a shot) - any other help appreciated too incase directline still say no.

[Beepud]

Just tried again online and got:
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Sorry, we are unable to provide you with a quote

From the information you have provided to us, we are unable to provide you with a quote this time. As we regularly review our eligibility criteria, we may be able to provide you with a quote at your next renewal or if your circumstances change.

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When I try all different types of trade/retail types it always comes up with the same answer so no idea whats wrong. Have had no previous claims, good area, very secure premises etc so cant work it out at all.
Am trying to call them to find out what could be causing the problem.

[UKSBD]

Do you supply to North America?
That makes insurance tricky to get

[Beepud]

No, I stopped that around 2 years ago when it was flagged as an insurance no-no. As far as I can see ite because I have about 15-20k stock and as part of my range is a cosmetic item (all made by proper companies with their labels etc). I sell clothing items also which makes some companies shudder a bit but again nothing designer or name brand, more shoelaces and tights etc. I really cant work it out and although there are a couple of places I could look at buying I am worried about tying up a huge chunk of my money in a shop when i've only ever worked from home (also worried incase the insurance companies still wont insure me and then I would be in trouble with uninsured premises).

This is making me feel sick and I cant eat or sleep just now. So far the only solution is to put stock in a storage unit (£200 pm) as they insure upto 25k and then take on one of their offices (£250 pm + broadband and phone) so that I can package the orders etc and then just insure my home as normal (buildings and contents). I would also then have to take out a products liability insurance for around £260 pa to cover myself against come back etc and also another £140 pa for tax/vat cover, so doing it in seperate bits like this will cost around £6,500 a year for premises I dont really want + travelling all just to get insurance. I can afford to buy a shop so at least not wasted rent money but again a big expense and move just to get insurance.

[cycloneuk]

AXA will insure you, but because your items could be classed high risk you will need to have an alarm connected to BT Redcare.

[Beepud]

Hi Axa were a definate no - apparently they no longer cover stock when working from home (thats who used to insure me two years ago but changed their policies). I tried again through a broker this year but again was told they wont cover even £500 of stock or even insure me without covering the stock if it was in the house at all.

[||MARK||]

I have stock covered at home by HSBC, up to the value of 10k. No ifs or buts with them.

[AndyP]

Hi

Just a small suggestion but instead of stressing yourself about this why not just give the whole project to a business insurance broker and let them tout it around.....obviously you will still be involved and, as is usual with insurance related matters, it is rarely straightforward,but at least the broker will take the grunt work out of it and come back to you with proposals. Insurance companies are strange businesses, I think......they seem to be stuck in some sort of time warp. Mention the internet and they sprinkle you with holy water....they seem to operate on a square peg and round hole basis and they really don't "get" that all of us are round holes.

Are you an FSB member? They can also look at this for you.

[oggy1]

I'm in the same situation. Am in the process of buying a business unit (managed to borrow money cheaply and have a great deal on the unit making it much more effective than renting) as run an ecommerce site. However really struggling to get insurance. Like you I have about 20K of stock that looking to store and have an office.
I have tried all the usual ones, and have trawelled the internet. I phoned quite a few and they say that they will get back to me but so far nobody has called to offer me any insurance.
I now have an insurance broker on the case and when I hear back or if I find anybody that will provde insurance then I'll let you know.
Russell

[Beepud]

Well the guys on forums are right and the insurance brokers are wrong it seems...!

I looked online at a shop for sale and checked an online quote from Axa just to see if I could get insured if I had premises - they phoned back this morning and after I explained the situation about the home business insurance they set up a policy no problem covering everything, items I make, items I buy in, product, public, employer liability etc, home, personal contents - fantastic! Turns out the insurance brokers etc were always trying to set up a business insurance policy which is wrong and would be rejected due to stock at home, but if they set up a home insurance policy with a working from home section it goes through fine!!! Makes no sense to me but I am insured and can continue working from home.

Thanks for all help and replies and hopefully this thread can help others in a similar situation.

Oggy1 - pm me if you want the name and phone number of the person I spoke to at Axa as she was briliant.

[BakerSN1]

Just out of interest, which brokers did you ask that said this wasn't possible?

[tony84]

Insure what you can get cover for? Atleast then you have some of it covered.