Need shop insurance, but have 2 CCJ`s on my file

[jarod74]

Hi!, Hope somebody can help me!

Basically I`ve rented my shop, bought all the stock & shopfittings, hired staff, sorted everything out apart from being able to get shop insurance!

At the mo I`m desperate, I have 2 CCJ`s on my credit file, they total roughly £2,500. I intended to pay them off in time, but need shop insurance now.....anyone any ideas?

 

[Doodle-Noodle]

Can't you get insurance if you have CCJ'S? Or can you just not get it on credit terms? If it's the latter, you'll just need to somehow stump up the cash upfront, if CCJ's actually prevent you from being insured then goodness knows what you can do, there must be companies who will insure you, you'll need to phone round loads and find one.

 

[jarod74]

Thanks Doodle!

I`m getting desperate, I`ve rang round a few & am trying to look on the net, but so far nothing!, I`m totally totally stuck!. Surely somebody else must have been in the same position sometime!

 

[Leo-InstallingIT]

It might be worth talking to a broker as they may have a good idea of who is good to go through or offer advice at least.

There is one on these forums, however their name slips my mind - but if you have a look in some of the insurance threads I am sure they will pop up.

 

[Doodle-Noodle]

Good luck Jarod - there must be a way round it, hope you find it! When do you open? And what will you be selling?

 

[jarod74]

Thanks Leo....I tried `simply business who seem to be on here but got knocked back sadly.

Thanks Doodle, Well In the end decided on....Cards, gift wrap/ bags ground floor & on the 2nd floor, "Adult cards" aimed at students, Lesbian & Gay cards, LFC & EFC official branded merchandise & piles of stationary!

Staff will be all ready to go in there `uniforms` on either wed/ thurs next week. The finishing touches are being put to the shop tomorrow by the shopfitters, signs will be up on Tuesday. And the final stock will be priced Saturday- Tuesday.

I should be doing cartwheels, that everything has gone right, deliveries, stock, fittings, staff etc. Yet before I was crying away over no Insurance, just what am I going to do?

 

[and180y]

Thanks Leo....I tried `simply business who seem to be on here but got knocked back sadly.

What about your banks insurance arm. Or try smeinsurance.com, not sure about the ccj situation but we halved our premium using them. (Simply business seemed anything but simple to do business with)
Did they actually say it was the ccjs that stopped them quoting?

 

[Doodle-Noodle]

Is it stock insurance you're after? Or the whole caboodle?
Just wondering really as, assuming you are renting your shop, won't your landlord be charging your insurance for the buildings?
Is the CCJ excluding your eligibility for insurance full stop? It would seem really unfair if that is the case, not that I would know anything about it at all, but surely there must be lots of people with CCJs who set up in business - they must manage to get insurance mustn't they?

 

[jarod74]

Hi and180y

Thanks for your reply, Well I know this will sound strange but none of the shop costs involved loans etc, So I`m not opening a business account as I`m only going to take cash in the shop. I was told by simply business that I wouldn`t get insurance anywhere because of the CCJ`s unless I went through a broker. Yet this was despite being told it wouldn`t be a problem!

Think I may have found cover on a website, it doesn`t mention ccj`s in the section you have to agree too, unlike before. Tbh I`m just that relieved to maybe finally be accepted for insurance, I`m not bothered about the cost (£817)

 

[and180y]

Hi and180y

Thanks for your reply, Well I know this will sound strange but none of the shop costs involved loans etc, So I`m not opening a business account as I`m only going to take cash in the shop. I was told by simply business that I wouldn`t get insurance anywhere because of the CCJ`s unless I went through a broker. Yet this was despite being told it wouldn`t be a problem!

Think I may have found cover on a website, it doesn`t mention ccj`s in the section you have to agree too, unlike before. Tbh I`m just that relieved to maybe finally be accepted for insurance, I`m not bothered about the cost (£817)

Congrats. Googled your prob and there is a company called sale insurance who mention ccjs but say they can get cover.

 

[Doodle-Noodle]

Is it wise to operate a cash only shop when your target customers are mostly students? They rarely have cash and want to pay for everything on a card ... we have a £5 minimum transaction as otherwise we'd be footing the bill for purchases of £1.99 on a card ... obviously you need to get up and running, but really I do think you will need a bank account and the facility to take debit card payments.
I think you really should have a business bank account too otherwise it will be a nightmare accounting to HMRC for your taxes.
You could do a lot worse than join the FSB (Federation of Small Businesses) - they offer free card machines, discounted streamline fees, free telephone/broadband installation, 24 hr legal help, discounted insurance and lots more --- we have found them really useful. Membership is £170 per year but, in my view, well worth it.
Anyhow, all that aside, well done for ploughing ahead with your plans - I really do hope it all goes well. Please keep us posted!!!!

 

[jarod74]

Thanks And180y, Tried that place earlier, but no one answered the phone!

Just hope it is all sorted now. As I said, when I went through the 1st comparison site I had to tick to confirm that I had ccjs in the statement & was declined. However this time round the `statement` didn`t mention Ccj`s only if I`d made claims in the past, or had criminal convictions (which don`t apply), so I was able to agree to the statement....Still can`t believe that I have actually got insurance (I`m still expecting something to go wrong!), yet after hours of worry/ tears/ despair....I feel slightly better now!

 

[kelvin1950]

Hi and180y

So I`m not opening a business account as I`m only going to take cash in the shop.

I don't understand this, where will you keep the money - under the mattress?

I'm no accountant but I would think this to be a bad idea.

 

[jarod74]

Thanks doodle!

I suppose I`ve gone down the `cash only` route, to avoid any charges, help a certain member of staff who has never worked behind a till before & as a way of hoping that queue`s move fast....unlike at the card factory!

I suppose in time I will probably open a business bank account. But for the moment I think I`ll be okay. I have good friends at the previous P.O where I worked, who are `happy` to give me change for free. Plan to `store` change in the flat & just bank the notes.

All in all, It`s roughly cost me £33,000 to get this far, I`m still of the mindset that I`m `opening to fail`so if I do really well it will be a nice surprise & certainly not be taken for granted. Thanks for the Info about the FSB, it`s something I`ll look at & something else I knew nothing about!

Job list so far is meet the accountant for the 1st time on Monday, get the signage done for the shop, pay the shopfitters, price up the rest of the stock, program the 3 tills.....and finally look into a `music license` to play music!. Fingers crossed I`ll be open Wednesday, otherwise it will be Thursday. Thanks again for all your help!

 

[jarod74]

Hi Kelvin

In a way yes, the change at least. Will just pay the notes in till I sort out a proper bank account. As this thread may suggest, I`m not even expecting my current bank to welcome me with `open arms` when I apply for a business account. So decided to just plough on, open & start to get some money back asap!

 

[kelvin1950]

Hi Kelvin

In a way yes, the change at least. Will just pay the notes in till I sort out a proper bank account. As this thread may suggest, I`m not even expecting my current bank to welcome me with `open arms` when I apply for a business account. So decided to just plough on, open & start to get some money back asap!

We cash up and pay the total days takings into the bank, notes and change. That way, the Z report and the bank statement mirror each other and there's less chance of anyone down the line accusing us of cooking the books.

I wonder what others do?

 

[David1962]

I`m not bothered about the cost (£817)

And that's why you will be one of those new business who goes bust in the first year.

I suppose in time I will probably open a business bank account.

I think you'll find you won't be deciding when to open a business account, the bank will be deciding that for you, so budget for it now, it's not cheap.

I suppose I`ve gone down the `cash only` route, to avoid any charges

So you think taking cash only is free, you will be paying best part of 1% to pay that into your bank account.

Seriously, you can't open a B&M shop working like this, you need to budget for everything.

 

[Doodle-Noodle]

Jarod - I'm worried for you!!!!
How can you operate without a bank account? How will you pay your rent, your business rates, your power bills..... are you planning on turning up on various doorsteps with bags of cash?
I really wouldn't give too much thought to getting your PRS licences at the moment, that's the least of your worries - just play your music and wait for them to contact you (they will!) and then pay it. They took 2 years to contact us and we didn't have to pay retrospectively.
I's fantastic that you have achieved what you have already without needing to borrow money, but you've invested a huge amount of capital in this project and you really MUST do everything you can to maximise your potential sales and minimise your risks of losing everything.
The tears you shed over not getting insurance will pale into insignificance compared to the tears you will shed if you end up watching your business crumble around you .... you HAVE to wear a business head sometimes, even if you really don't want to, and you MUST follow some procedures, no matter how out of the box you think you can be.
I know you said in previous threads that family members would be working with you - is there anyone amongst them who could help you get things organised?

 

[Pap_sak]

How come you have all this cash, but have not paid your CCJ's yet?

 

[Kwayzee Wabbitt]

Go here - they will be able to help you - they specialise in this area of insurance I believe. If you want their web address - PM me.

[FONT=&quot]TR Youngs Insurance Brokers
is authorised and regulated by the Financial Services Authority

The Insurance Centre, Clacton Road,
Elmstead Market, Colchester, Essex, CO7 7AA

Telephone 01206 821330
[/FONT]
Hope this helps

 

[mhall]

I may be missing the point (and i'm ignoring the "Cash only" and no bank account aspect) but why are you getting so worked up on insurance?

The only insurance you must have is employers liability if you employ someone, other than National Insurance and Car Insurance, that is it. Other insurance is not a legal requirement.

As something tells me you won't be worrying too much about Employers Insurance, I don't see your problem.

 

[lockyer]

you should go to a broker really. I use northern alliance & they seem to know what's what when it come to things like that. I went with them becuase they were close to my business etc. all depends on you but i'd go with a broker. You could give them a call 01924 232910 or just look them up on google. good luck

Dan and the crew there are good guys. you must be close to us too as I've just moved onto silkwood park too.

 

[lockyer]

Thanks And180y, Tried that place earlier, but no one answered the phone!

Just hope it is all sorted now. As I said, when I went through the 1st comparison site I had to tick to confirm that I had ccjs in the statement & was declined. However this time round the `statement` didn`t mention Ccj`s only if I`d made claims in the past, or had criminal convictions (which don`t apply), so I was able to agree to the statement....Still can`t believe that I have actually got insurance (I`m still expecting something to go wrong!), yet after hours of worry/ tears/ despair....I feel slightly better now!

are you sure that you have read the "statement of fact" that you get at the point of purchase properly? It's rare for an insurer not to ask. I might not say ccj, it might call it "insolvency", credit problems.

If you want a free second opinion on the form, or the policy just shout. more than happy to help a UKBF member.

 

[Root 66 Woodshop]

Jarod,

Just a couple of things here...

1. Take Lockyer up on the offer of the second opinion on your policy.

2. Get a safe! - Not a cheap nasty safe from B&Q but a decent safe - Take a look at the KG3000 range from Burton's - a lot more expensive than your general tat from B&Q but extremely well built.

Reason to not get a "cheap safe"

Watch the link.

 

[Root 66 Woodshop]

Jarod,

Just a couple of things here...

1. Take Lockyer up on the offer of the second opinion on your policy.

2. Get a safe! - Not a cheap nasty safe from B&Q but a decent safe - Take a look at the KG3000 range from Burton's - a lot more expensive than your general tat from B&Q but extremely well built.

Reason to not get a "cheap safe"

Watch the link.

Jarod,

Just a couple of things here...

1. Take Lockyer up on the offer of the second opinion on your policy.

2. Get a safe! - Not a cheap nasty safe from B&Q but a decent safe - Take a look at the KG3000 range from Burton's - a lot more expensive than your general tat from B&Q but extremely well built.

Reason to not get a "cheap safe"

Watch the link.

http://www.youtube.com/watch?v=IyGhEIbZLUU

 

[Chris Ashdown]

You have invested £33,000 and yet you leave the CCJ's of only £2500 on hold and have all this trouble about insurance
Where did the money come from and why did you not pay out on the ccj's

 

[lockyer]

chris, thats why insurers ask about the ccj's/credit history as it assess the moral risk associated with a policy