what do you pay for insurance

[Godderz]

Hello.

I'm a new business and got some rudimentary insurance, not knowing what the going rate for insurance was.

Now I'm trying to figure out what I should, or shouldn't be paying.

So the question is, what are you all paying for insurance??

I've not got a huge set up yet and I know it's a difficult question with so many parameters but I wanted your more experienced advice.

many thanks,

Steve

[JFeig]

That is like asking how much is a vehicle and how are you using it in addition to what is your total financial needs. IT ALL DEPENDS.

what size of business
where is it located (home based, industrial estate, main shopping area, etc.)
how is it organized (individual, company, corporation)
is there real estate involved
what type of machinery do you use
how many employees
what type of products will you sell
what type of services will you perform
what type of items do you expect to work on and their value
etc.
etc.
You have to contact a licensed broker to answer these questions with you. Prices in London, Manchester, a small village or any other area will not be valid.

[Justintime]

I pay around £1k/pa which includes building insurance I think and £45k cover for equipment stock and work held in trust and public liability etc.
Try Hiscox insurance.

[pramsay13]

I pay around £250 a year.

[NTG999]

This is a very general question which almost impossible to answer.
As far as I know there are 3 areas of work insurance to consider:
If you deal with customers you will need public liability insurance - not too expensive
If you are in premises you will need buildings insurance unless this is included in perhaps your rent, could be any amount depending on the value of the building
You need to have contents insurance to protect customers items and your items, a word of warning here - a couple of years ago someone posted here (if my memory is correct) about a piece of artwork on display was damaged when the front window was broken, I think it was priced at £1000, the insurance saw it as some paper and some moulding and offered very low. You only find out how good the insurance is when it's too late