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*star*
04-01-2013, 01:59 PM
Hi,

Sorry if this has already been covered, although I can't find it anywhere...

I'm thinking about setting up a part time business selling my jewellery and running this from home, just wondered with insurance if I was to take out a separate policy for the jewellery making/selling would it in any way invalidate my current home insurance policy? And can anyone give me some up to date recommendations for insurance (the last ones i can see are about a year ago) and a rough estimate on cost? Also would I need public liability insurance? I was thinking about doing a couple of jewellery parties but they would only be at my friends' houses with mine/their friends/colleagues.

Also I'm aware as long as my work area isn't solely used for the business then I don't need to pay business rates, but do I still need to inform the council so that they are aware of the business?

Sorry if these are silly questions but never done anything like this before so want to make sure everything is above board!

Thanks in advance. :)

Tabby66
04-01-2013, 08:14 PM
Hi Star,

Not stupid questions, ones I have asked and explored myself in the past, though it would be about March this year that my latest quotes were from and getting companies to actually quote is not easy!! Quotes were well in excess of £500per year and they very much limited the value of stock that they would cover and it became silly figures paid on an annual basis to cover a greater value. Your household insurance will only cover items of jewellery which are your own private pieces and are not part of your stock, associated with your business or for sale. They won't cover business tools, items used for your business, e.g laptop (I'm very happy to be corrected by people.............it's a minefield)!!

You're right about the business rates and therefore I don't believe you have to inform the council unless it is solely used for business purposes??

In terms of Public liability I joined the GOJD and this (along with a number of other member benefits, including a variety of useful discounts) seemed to be the best route I could find.

Good luck with your ventures and let us know how you get on with insurance and your new business!!

Tabby xx

*star*
09-01-2013, 12:54 PM
Hi Tabby,

Thanks for your reply :) (sorry for the slow reply, only just got chance to come on here)

Do the quotes in excess of £500 include your standard house insurance too? I was just wanting separate cover to my existing house insurance and £500 seems a bit steep? I've since looked at Ian Wallace, and for Public and Product Liability cover it is £71, but I get abit confused with all this sort of stuff - what exactly does this cover, does it cover stock, or do I have to take out separate cover for that? There is an option for Saleable Stock for £105 and then tools for £33. Do I need to take out all these?

Also, where do i stand with my laptop, I bought it a couple of years ago for personal use, and will now be using it for both personal and business - which insurance would cover it??

Just looking at the GOJD - if i went with this option would I have to insure my tools/products on my house insurance, as the Ian Wallance insurance said the minimum policy was Public and Products Liability?

Sorry again for all the questions - my brain is just abit frazzled - the more I look into it the more confused i seem to get?! :confused:

The thing is, its just going to be a small part time business along side my current job, so not huge amounts of stock, and depending on how it goes will depend on whether I try to make it into anything bigger or whether it just ends up being a way to fund an expensive hobby! lol - so I guess I just want to know what things I definitely need to spend money on and what's not necessary, if that makes sense?! :">

Thanks again.

xx

*star*
11-01-2013, 05:40 PM
Anyone, please? x

Wallace
12-01-2013, 11:12 AM
You need to let the inland revenue know you are starting up.

A chat with your local business link adviser may be useful and even your town council for any grants. There are lots of start up grants, but business link would help there too.


An accountant will answer your queries on the laptop. You will need to maintain healthy book keeping accounts, so they are more likely to help out, although, business link again may be able to advise In a general way.

ian Wallace will only cover your public liability. Have a chat with Alan Hadley at the guild. http://www.guildofjewellerydesigners.co.uk/

Tabby66
16-01-2013, 09:58 PM
Hi Star,
My turn to apologise for the slow response...sorry

[QUOTE=*star*;52896]Do the quotes in excess of £500 include your standard house insurance too? Nooo
I was just wanting separate cover to my existing house insurance and £500 seems a bit steep? Yeah,that's what I thought
I've since looked at Ian Wallace, and for Public and Product Liability cover it is £71, but I get abit confused with all this sort of stuff - what exactly does this cover, does it cover stock, or do I have to take out separate cover for that? There is an option for Saleable Stock for £105 and then tools for £33. Do I need to take out all these?
Well.........these are all the bits and add-ons I looked at, the 'limit', ie, value of tools/value of stock... is very limited on them and to increase the cover to the value I was looking at was prohibitive...

Also, where do i stand with my laptop, I bought it a couple of years ago for personal use, and will now be using it for both personal and business - which insurance would cover it?? If used for business your household won't touch it and it'll be extra on your business insurance

Just looking at the GOJD - if i went with this option would I have to insure my tools/products on my house insurance, as the Ian Wallance insurance said the minimum policy was Public and Products Liability? Yeah, basically PPL IS the basic insurance, it just goes up from there on in and so that's the bit you just have to swallow and say, okay, basic policy price!! (At least that was my conclusion)

Sorry again for all the questions - my brain is just abit frazzled - the more I look into it the more confused i seem to get?! :confused: No problem....from another frazzled brain....if you find anthing more reasonable, please let everyone know!!

Best wishes,
Tabby xx

art925
17-01-2013, 12:19 PM
I am surprised you guys are finding it so difficult to sort out your business insurance with working from home. I work from home and I am classified as an artist, which is one of the few jobs that can be carried out '"at home" in the Netherlands, GP & Dentist being others. This saves me going to the local council to apply for all kinds of permissions to be able to use my home as a business address. As my job title is artist, it is a cover all title, but means that my home and business insurance can be combined for quite a reasonable amount. Plus this is my full time job, I think it may be different for part timmers. I am allowed to have a showroom/ gallery but I cannot be a retail shop. My workshop is in my garage, and everything is insured together. All my business assets including laptop, photography equipmant & stock are recorded quarterly and my accountant holds that for the insurance.

Hope you manage to sort your way through what is obviously a minefield.
Les

Tabby66
21-01-2013, 07:53 PM
It is unbelieveable Les, the questions and limitations, well only if it's never used for business (laptop, camera), aaah, gas, torch, flame........oh, we will need to get our experts to consider that...................quite a challenge really!!

*star*
24-01-2013, 12:39 PM
Thanks for the replies, I'm going to sit down this weekend and look into it all properly and get my head round it.

So does the public and products liability cover my laptop then? Or do I need some other insurance on top of that? Another thing I am unsure of is if say my blowtorch caught fire and burnt the house down (i really hope it doesn't!) but would my house insurance cover the cost of everything or not seeing as its business related? And would the products and public liability insurance cover this if not?

Sorry, just want to make sure i have everything covered properly. Thanks again for your help. xx