Insurance for industrial units?
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  1. #1
    Nowheresville JackGriffin's Avatar
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    Insurance for industrial units?

    Question for those of you with an industrial unit: what do you do for insurance? I was enquiring about buildings insurance for a privately-owned unit and the few replies I got were that no one was interested if the owner and user were the same person. They'd happily insure a property if you were renting it out to a third party, I think because they could enter details on the trade and use into a few boxes on a computer and it spewed out an answer. If you were just using your own place for personal, non-commercial use, they didn't know what the **** to do!
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    Official RnS Addict mattblack's Avatar
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    'Rent' it to a mate/partner/cat?
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    i own my garage. its insured seperatly as a business.

    i could only find one company to insure it. swinton,but its changed its name to towergate.

    covers all my tools/machinery plus rebuild costs. cant get any cover on the cars that come through,as no one likes insuring projects.

    few stipulations like anything flamable inside have to be in steel cabinets. inert gases are ok overnite. flamable gases have to be stored outside (i have a bottle cage).few stupid stuff like gutters have to be cleaned each year,and electrics have to be signed off.

    worst part is its based on income.if i earn more the insurance goes up.dont get anything extra for it
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    My name is Martin 30psi's Avatar
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    Quote Originally Posted by nobody View Post
    worst part is its based on income.if i earn more the insurance goes up.dont get anything extra for it
    In a way you do, but the effectiveness of insurance is only measured at the time of claim. Extra income means greater risk as it's an indicator of the volume of work you do, the number and size of sales, stock levels etc and maybe unrelated to your setup, the workforce needed.

    If a business doesn't declare the true revenue, it could be subject to 'an under-insurance clause' at the time of claim, where the amount you get back is proportionally reduced.
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    Quote Originally Posted by 30psi View Post
    In a way you do, but the effectiveness of insurance is only measured at the time of claim. Extra income means greater risk as it's an indicator of the volume of work you do, the number and size of sales, stock levels etc and maybe unrelated to your setup, the workforce needed.

    If a business doesn't declare the true revenue, it could be subject to 'an under-insurance clause' at the time of claim, where the amount you get back is proportionally reduced.
    maybe but my stock is not insured.only the building and tools. nothing else ,so they would have to pay out the same if i earned 10k or 100k a year
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  7. #6
    Nowheresville JackGriffin's Avatar
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    Quote Originally Posted by mattblack View Post
    'Rent' it to a mate/partner/cat?
    That is an option, or to buy it as a company and rent to myself, but either way it won't be a profit-making business so would have to check with accountants if that's legit.
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    Nowheresville JackGriffin's Avatar
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    Quote Originally Posted by nobody View Post
    i own my garage. its insured seperatly as a business.

    i could only find one company to insure it. swinton,but its changed its name to towergate.

    covers all my tools/machinery plus rebuild costs. cant get any cover on the cars that come through,as no one likes insuring projects.

    few stipulations like anything flamable inside have to be in steel cabinets. inert gases are ok overnite. flamable gases have to be stored outside (i have a bottle cage).few stupid stuff like gutters have to be cleaned each year,and electrics have to be signed off.

    worst part is its based on income.if i earn more the insurance goes up.dont get anything extra for it
    Thanks, I seem to have left my notes at work but I think Swinton was one of those I spoke to that couldn't help. The Directline guy gave me a number for a kind of 'last resort' company that they use if no one else does.

    One other issue was that they couldn't give a theoretical or guide quote/estimate, again it seems that I have to have a financial interest in a property before they can even give me a ball park figure! They must be staffed by university grads who can't do a thing without a friggin' screen in front of them or something. One agent I spoke to really went out on a limb, probably risking instant dismissal, by saying it "would probably be more than my house insurance".

    I do wonder what this world is coming to sometimes . . .
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    Official RnS Addict Magman's Avatar
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    Can you not build it into your home policies as an agreed extra, a bit like having a really big shed?

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    Nowheresville JackGriffin's Avatar
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    Quote Originally Posted by Magman View Post
    Can you not build it into your home policies as an agreed extra, a bit like having a really big shed?
    It would be a completely separate property, not the same neighbourhood, and would need to make sure it was covered for and against any adjoining property, e.g. if in a row of units.
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