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Well thats a broad questions and if i start to write an answer its gonna be a long one but go search on google you will get plenty of good material to make your argument strong.
Nice advice from @ethical PR, that's the pretty much case you have and why you need those material for yourself, If you are working for their magazine you should give them a copy of all the material you have at the end of the contract.
yes under consumer law there is right for cooling off but you are not signing the contract as the consumer (if i am correct), You are signing a business contract and if you feel there should be a clause for such thing you can ask the company to reconstruct the agreement with your desired clause...
Well drop shipping is a risky business, You dont have full knowledge of products, you can get shipping delays (One of the major problems), Payment procedure and fees,
But i dont think you need insurance for your drop shipping as you are not buying it for your self.