What insurance do you need to start a jumper renting business?

Answer 1

It would depend on the level of cover you would want to have and how you are operating your business. Assuming you are operating from premises then in the first instance you would need Public Liablilty to protect yourself in the event of a member of the public having an accident whilst on your premises i.e tripping over a lose carpet. etc If you do not operate form premiss but undertake sales calls to your potential clients then you will still need PL cover as accidents can still occur away from the premises i.e you leave your breifcase on the floor of a clients office and someone trips over it. Assuming you have employees (such a great business idea is bound to take off and you will need to recruit additional staff) then you will also need Employers Liability cover in case said carpet/breifcase trips a member of your staff over and they sue you. This particular insurance is required by LAW for all employers. Should you own the buildings or any other material assest such as fixtures fittings etc then you might decide to protect yourself against loss by taking out a policy that covers you for Material damage this could be under a standard package of covers that is offered by most insurers which will also cover you for additional benefits such as goods in transit, business interruption, money, etc. NOTE due to the seasonal variation of your trade I would recommend that you request seasonal increase in stock SI for the winter months. If your jumpers are valuable then you may want to protect yourself from loss whilst they are out on hire. For this you will need to cover the sum insured for this stock of jumpers on an ALL RISKS basis. There are a number of other covers you may want to add on to ensure that should an insurable incident occur your business remains unaffected and you can continue offering your valuable services to your customers. Good luck with your new venture.