Business insurance, what do I need?

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Seller_3ngRfBZG7bqQP

Business insurance, what do I need?

Hi All,

Im sure nearly all of you will have business insurance.

I currently own a LTD company based in the UK and the sole purpose of the business is to sell via Amazon.

I need to know exactly what insurance is required and will best protect me?

What sort of cost will I be looking at per month and what company/brokers do you guys use?

Kind regards

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Tags:Insurance
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Seller_7VbclcPFFRTnc

You ideally need product insurance and liability insurance

If its just uk fba , most uk insurers will provide cover

Some use brokers, some go direct ie direct line etc

Price will vary depending on your circumstances ie do you need cover for your stock whilst it’s with you or do you get it shipped direct from supplier to amazon etc
It also depends on the value of your stock

However it’s not something you can do without and is just another business overhead to factor in

For others reading this , you should actually have it in place before sending stock to fba ideally

Just to add to, most insurance companies will ask you the questions about your circumstances and as long as you are honest they will provide cover to suit
So if you have no employees, tell them that, but make sure you change your cover if you do start to employ

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Seller_77IcbQKVGdZo0

Different insurers have different ways of measuring costs. Mine does it on turnover and salary costs. Some insurers will charge you more if you import your own products from China and sell them under your own trademark. Most insurers will charge you more if you sell goods to the USA.

With my current provider I have just had to notify them of increased turnover and it put my premiums up by 20%. So there is no one average cost it depends on what you tell them.

Easiest way to find out costs is to google for insurance and get some quotes which will be tailored to your business.

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Seller_esvgLzKXw2YAl

At an absolute minimum, you need public liability insurance.
Everything else, can be done without, except product liability if you are private label/manufacturing the product.

But you need to approach different insurers and just get some quotes in. It varies so much depending on circumstances. ie where you are located, the actual cover required and so on.

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Seller_L2WLWf8N814M4

Hello @BRIZ,

You can check also on this link for Service providers..

As said by @The_Little_Shop and @NEil, to comply with the section 6 (insurance) of this policy you need a commercial general liability insurance to cover liabilities caused by or occurring in conjunction with the offer, sale, and performance of Your Services.

Regards.
Nickolas

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Seller_0a8JwzVCco9bA

You can try …(link and phone number removed by MOD_Nickolas

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Seller_zmXjRrsKKSSZb

If you employ staff it is also a legal requirement to have employers’ liability insurance.

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Seller_xUKHc5xSYJmI4

What is the difference between public liability and product liability insurance?

Public Liability vs Products Liability Insurance

Public liability insurance reacts in circumstances in relation to the delivery of your services, whilst Products liability reacts in circumstances in relation to products you have manufactured, supplied, or sold.

Cost can vary from £800 to £2,000 depending on what you sell and service you offer. The amount of cover could be in the region million pounds or more.

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