Business Insurance?

[sdott]

Hi,

Just a quick question.

I signed up for a biz bank account at Natwest. I got a call saying I should set up protection, but they can't cover me as I'm web based. I don't sell products from my site, but because it's web hosted, it's specialist and they referred me to an external company.

How much do you think this will cost? It's just me in the company, working from home. I've read up and heard it's a couple thousand which is a big blow to my finances.

Any replies would be appreciated.

Thanks.

[MyAccountantOnline]

What sort of insurance are you looking for?

[David Griffiths]

You'll need to clarify this, obviously, but this just sounds like a sales exercise from the bank, trying to sell commercial insurance.

For businesses with premises and employees that normally includes public liability (covering visitors to the premises) and employer liability (compulsory and covering employees)

If you don't have premises or employees, it's difficult to see what risks you are exposed to and it's probable that you don't actually need insurance at all. That doesn't mean that they won't try to sell you something that's completely unnecessary, but bear that in mind if they do get back to you with a stupid quote

[sdott]

Thanks for the replies.

When I went to set up the account, they told me I'll need protection, and they will ring me. I'm not sure what kind it is as they rang me and said they can't cover me and will pass my info along.

If I get sued (my industry there are a couple law suits flying around) will I be protected with no insurance, but just a LTD company?

Cheers.

[MyAccountantOnline]

I am no insurance expert but as David says it sounds a bit like a case of the bank trying to hard-sell insurance.

Do you have a trade association or body you can seek advice from, and or an independent insurance broker?