Correct business insurance

[John84]

Hi,

Ultimately I’m sure that getting the right business insurance would only be obtained by going through a broker, but I just want to see if I’m missing any types of insurance I should be considering.

The business I’m currently looking at is for wristwatches on a small scale with batches of 500 and below along with batches of packaging being produced to the same volume. This will be manufactured abroad before being brought to the UK by air to be sold online.

The insurances I’ve considered so far are as follows, would anyone recommend others I’m missing or tell me if any of the below wouldn’t really count for much for me:
Contents and portable equipment insurance.
Product liability insurance
Stock put through insurance.

Any advice would be hugely appreciated.

Kind regards,

John

 

[WaveJumper]

Think the man for this is @Frank the Insurance guy

 

[Ozzy]

*cough* @Frank the Insurance guy *cough*

 

[DontAsk]

What about liability for visitors to your premises?

A good broker will do a "fact find" to determine what you need.

 

[John84]

What about liability for visitors to your premises?

A good broker will do a "fact find" to determine what you need.

Hi, I’ll not be having visitors to my premesis as this will be an e commerce only business. So thankfully, not one I need to worry about ?

 

[Frank the Insurance guy]

Hi,

Ultimately I’m sure that getting the right business insurance would only be obtained by going through a broker, but I just want to see if I’m missing any types of insurance I should be considering.

The business I’m currently looking at is for wristwatches on a small scale with batches of 500 and below along with batches of packaging being produced to the same volume. This will be manufactured abroad before being brought to the UK by air to be sold online.

The insurances I’ve considered so far are as follows, would anyone recommend others I’m missing or tell me if any of the below wouldn’t really count for much for me:
Contents and portable equipment insurance.
Product liability insurance
Stock put through insurance.

Any advice would be hugely appreciated.

Kind regards,

John

Hi John,

Much depends on the detail of how your business operates and whether it is a limited company or you are a sole trader.

In addition to the above, you may need the following:
1. Employers Liability Insurance - compulsory insurance in most circumstances, but a few exceptions

2. Transit/Marine insurance - especially if you are responsible for the goods in transit to you. What would happen if the whole shipment of 500 watches was lost or damaged before it arrived?

3. Cyber/Data Insurance - you say it is an e-commerce business. How would you deal with a cyber attack, hack, or a data breach where customers data has been stolen.

You also need to consider the value of stock and, if the watches are valuable, insurers may require that any storage location meets strict security criteria.

You need to speak to an independent insurance broker - they will take time to understand your business and provide bespoke advise based on your particular business needs. This should be at no cost to you.

Feel free to get in touch with me directly if you would like a chat, or quotations - my contact details below.

Thanks,
Frank