Insurance for Wedding Stationery Business? Please help!

[TheJadedWords]

Hi guys,

I'm looking at starting up a wedding stationery business. I have a niche, have been researching for a very long time and believe it should be profitable. I'm registered self employed already for other purposes - am I right in thinking that I don't need to inform them that the nature of my self employment has changed? Also, I'm struggling to understand what insurance I need...

I know I would need public liability insurance if I did wedding fayres... would I need product liability too? It's only wedding invitations - can people really hurt themselves on that?!

Are there any other types of insurance I would need? I was thinking of some type of insurance to cover me if say, my printing machine died and I missed a deadline for someone's wedding and they tried to sue me... Is there a type of insurance to cover this?!

Help much appreciated

 

[Allisdiar1]

Yes, product liability insurance at the same time is important for you. As products are also assets having monetary value. So, its your responsibility to take proper care of your product. Thus you should approach product liability insurance.
In addition to this, purchasing employment liability insurance is also good for your business and for your working employers.

 

[TheJadedWords]

Hi,

Thanks for your reply. I'm really sorry but I'm not sure I totally understand. Does product liability also cover damage to stock, then, as well as damaged caused by your product? Or have I misunderstood you? I do not employ anybody, so am assuming I have no need for employment liability insurance...

 

[TheGuru2010]

Hi, The products liability would normally be included in the public liability. Product liability will not cover for damage to your stock! you will need additional cover for this.

If you want to have a chat to understand this a little better then I am more than happy to have that chat with you.

or fire away questions & I will do my best to respond on here for you

Jamie

 

[TheJadedWords]

Hi Jamie,

Thanks for your help. Regarding insurance for a situation whereby I somehow don't deliver (if say my machine explodes and I can't fulfil the order in time for the wedding), is there some sort of insurance against the buyer bringing legal action for having to organise stationery from somebody at short-term notice, so therefore expensively? I was talking to a wedding photographer ages ago and he said it was very expensive for him to do because he had to take out so much insurance against being sued for ruining their wedding in case he lost the photos or something... would I need insurance for something similar in the stationery industry? I hope that makes sense...

Secondly, I've been looking for public liability insurance and you seem to be right that it usually includes product liability too. However, I've found one or two sites where it is separate (and very slightly cheaper). Is product liability something I definitely need then? Does it just cover people being hurt by my invitations?

I'm really sorry for the totally amateur questions!

Thanks again,

Natalie

 

[TheGuru2010]

Hi Jamie,

Thanks for your help. Regarding insurance for a situation whereby I somehow don't deliver (if say my machine explodes and I can't fulfil the order in time for the wedding), is there some sort of insurance against the buyer bringing legal action for having to organise stationery from somebody at short-term notice, so therefore expensively? I was talking to a wedding photographer ages ago and he said it was very expensive for him to do because he had to take out so much insurance against being sued for ruining their wedding in case he lost the photos or something... would I need insurance for something similar in the stationery industry? I hope that makes sense...

Secondly, I've been looking for public liability insurance and you seem to be right that it usually includes product liability too. However, I've found one or two sites where it is separate (and very slightly cheaper). Is product liability something I definitely need then? Does it just cover people being hurt by my invitations?

I'm really sorry for the totally amateur questions!

Thanks again,

Natalie

Hi Natalie,

No problem at all, thats what this forum is for - your spot on with the products liability, if the cost is not much diffrent it may be worth taking the Products for peace of mind. But as you stated the likely hood of you getting a claim from your actual product may be minimal you have to weigh up the cost etc & make your choice from there on that.

You can obtain insurance to cover the machine part but you would need to have a good talk through as the insurer would not pay out in all circumstances.

What are the chances of this happening? What we find with some companies is they have agreements with other companies to complete the order they can not forfill. Say your machine goes down you would call company X & state that you need this by then (you may need to pay more etc but it stops you loosing your reputation and your would have to pay the excess etc)

Does the above make sense?

Jamie

 

[MancunianCreative]

Sorry it's off topic, I have a friend looking for wedding stationary, can you pass on details please? Inbox if you like

 

[DavidWH]

Good post Jamie.

This is what we do, we supply a number of similar companies with print, when they maximise their capacity, we pick up the overflow, all the prices are agreed.

Our printers are under maintenance contract, so down time will 24-48hrs.

 

[TheJadedWords]

Hi,

Have PM'd you MancunianCreative.

Thanks so much for your help Jamie. Unfortunately the nature of our invitations means that most printers wouldn't be able to pick up the job as we have specialist equipment that printers wouldn't tend to have. I guess it's a case of leaving enough time before the wedding to ensure that the order can be completed, even if that means replacing equipment etc.

Thanks again, gives me a lot to go on when looking for insurance!

 

[Manishp100]

Hi Jamie,

Thanks for your help. Regarding insurance for a situation whereby I somehow don't deliver (if say my machine explodes and I can't fulfil the order in time for the wedding), is there some sort of insurance against the buyer bringing legal action for having to organise stationery from somebody at short-term notice, so therefore expensively? I was talking to a wedding photographer ages ago and he said it was very expensive for him to do because he had to take out so much insurance against being sued for ruining their wedding in case he lost the photos or something... would I need insurance for something similar in the stationery industry? I hope that makes sense...

Secondly, I've been looking for public liability insurance and you seem to be right that it usually includes product liability too. However, I've found one or two sites where it is separate (and very slightly cheaper). Is product liability something I definitely need then? Does it just cover people being hurt by my invitations?

I'm really sorry for the totally amateur questions!

Thanks again,

Natalie

Hi,

for that, i wouldnt have thought so, as a seller as long as you offer them a full refund within the legal alloted time (tell them asap and give them the money back) - then there wouldnt be any legal implications if they want to sue you.

You wouldnt have kept the money without delivering a service.

They can only have grounds against you if you couldnt give them a full refund and didnt provide the service they asked for