What type of property insurance do I need for my Upholstery Business
An upholstery business would usually work from business premises, if these are owned then protection for the building is essential. The machinery, plant, the fixtures, and fittings as well as your raw materials and stock can all be protected on what is usually referred to as a commercial combined insurance or a combined package, covering all the business assets in one simple scalable insurance policy.
Can I claim if I can’t operate my business
Business interruption as it’s known or sometimes consequential loss will provide funds to enable your business to continue to pay its overheads whilst the rebuild takes place. Unfortunately having a loss at your upholstering business premises could mean that part or all of the building needs to be rebuilt, this can take months, even years.
Sometimes I send my products to other countries, do I need different insurance
Quality upholstery made in the UK is valued throughout the world, the quality of manufacture, the materials, and styling, but does exporting upholstery change your insurance requirements? Usually no, the covers again just need extending, this usually doesn’t present a problem unless the sofa or chairs for instance are shipped to the USA or Canada. This can become complex but our specialist team at Real can guide you through this, we are specialists to exporters to the USA and Canadian marketplace.
How can I save money on my upholstery business insurance premiums
There are numerous ways to save money on your insurance premiums, be careful though that you don’t reduce covers or remove cover altogether. If you are reducing insurance cover for your upholstery business then you need to ask yourself why, if its to save premium then you must understand the consequences of doing it.
1/ Ensure that when you discuss your requirements that you make your business description very clear, and this includes disclosing everything that your business does.
2/ Ensure that you have full health and safety in place and make this known, how employees are trained, how often, is the training documented. By being able to demonstrate quality health and safety indicates that your business is well run.
3/ Upholsterers can be quite a risk to an insurer, timber, fabric, foams many of which might be fire retardant but they still burn. Demonstrating that you have excellent waste management goes a long way.
4/ Consider increasing you’re policy excess. Many businesses might consider not claiming for anything below £1,000 so why have an excess of £250. Increasing the excess for claims such as theft, fire, or other perils could go a little way to saving a little on premium.
5/ Sometimes a policy might include certain covers that you just don’t need, consider removing the cover sections BUT fully understand the consequences of doing such a thing.