Thanks for all your replies. Unfortunately, it seems that there's some misunderstanding of what I was asking. Some clarifications below:
Brits are obsessed with insurance.
Well, possibly we are, but the obsession with suing everyone left, right and centre for accidents didn't originate on this side of the pond.
I run a company and we have three buildings with a good deal of equipment in them. About £1m worth. Over and above that, our business is the creation of IP (intellectual property). We hold that on a series of servers and back-up systems.
QUOTE="The Byre, post: 2944585, member: 177832"]But the equipment is not insured against anything. Not only that, but the IP is not insured! [/QUOTE]
As I've pointed out twice before,
I do not need equipment insurance. The equipment is worth less than an insurance excess; I'll just take a deposit, and if it gets broken, I'll replace it.
If you check POR (I'm not sure of the Brownie equivalent), as you don't need a permit for use of a projector, the normal insurance covers it.
Going by the user name and nature of the post, the OP really should mention they are a Brownie/Girl Guide leader. This isn't really a question for a business forum. 'Scouting' already has its own procedures and insurance arranged for these things.
Well, this interpretation is a giant leap. Re my username - I just happen to like owls! Should I interpret from your username that you make hairpieces? I said I was a member of a community group - it has
nothing to do with Brownies, Girl Guides, Scouts or any other similar organisation. If you must know (although I can't see how that is in the slightest bit relevant), it's a craft and sewing club.
And that's completely separate from my query anyway - I was asking about the feasibility of setting up a
business using the equipment I've bought for the group. So yes, I do think it's a question for a business forum.
you're a bit confused by the concept of PLI too.
Can you clarify? In what way am I confused? As I understand it, PLI is there to protect me against the risks of someone hurting themselves with my equipment - if this is incorrect, can you explain how?
If you are doing this as an individual then the simplest solution is to join a union - in your case BECTU. While their PLI cover is part of your membership fee, it gets occasional flack for some restrictions, but is great in practice. It protects you from a claim against you personally and isn't foolproof - because as an individual you are hiring equipment.
Thank you - that's an avenue I will investigate.
The alternate solution is from the amateur organisations who often have pLi schemes for their members. PLI is a common thing now, and cheap enough that most societies can offer it.
Could you suggest any, please? I tried the MDJN as they seemed to cover equipment hire and their PLI was very reasonable, but they said I wouldn't qualify.
If you are a sole trader, in business in a small way, then a local real insurance broker can help. One popular insurance broker for this kind of individual stuff is Doodsons - Google will find them.
Thank you - I've tried several insurance brokers already, and they either didn't cover it, or the premium was far too high to make this feasible. I'll investigate Doodsons.
I tend to think this is a good subject, because many of us started our businesses in a very community serving way, that grew into something bigger, and able to make for some, a proper career.
Thank you. That's exactly my thought. I actually run a different business as my full-time job, but I thought this would be a useful sideline, while also filling a gap in the market to help out groups that could really use this equipment but can't afford to buy or to hire (as most hirers won't hire for less than a full day).
My experience is that doing this is that even when small, it requires business practices. Buying second hand gear and renting it out, with the owner present, or not. There is risk. Electric shock being number one, and injury from falling probably number tow as these things are often suspended. The risk boils down to liability. Testing and inspection regimes in the main. If you start to rent gear out in this way, then being in an appropriate Union is probably a sensible decision for protection purposes.
Thank you - I completely agree with you on business practices. All the equipment will be PAT tested anyway (the centre requires it), and as the projector is a short-throw one, it can just be placed on a table. My question about PLI was precisely regarding protection, but I can see being a member of a union might be a way to get that and also extra protection, so I will definitely investigate that.
I'd also suggest doing a testing course and buying yourself a PAT tester so you can test things you deliver each time. It means you know it is safe and that loose cable did not fall off in your boot!
Well, that's an interesting suggestion that I hadn't thought of. I had a quick look online, and TBH, sensible though it is, I don't think it would be feasible; the course and PAT tester would cost too much. I already have to get items PAT tested for my 'proper' business, so it only costs another couple of pounds to get additional items done. However, it's something that I'll keep in mind for the future.[/quote]
