Workshop Insurance.

[stuart.grimshaw]

I collected the keys to a shipping container the other day that's fitted out quite nicely to be a workshop. Before I start moving anything in, I'd like to get it insured but it's too far away from my house to be covered by my home & contents insurance.

I've tried the NFU as suggested on anoither thread and I've just called a local broker but they didn't sound too hopeful, the main issue being I'm not running it as a business I think.

Where did you get your insurance from for your remote workshop?

 

[Inspector]

Who owns the property it is on? Perhaps that insurance company will insure it or it could be added to the owners policy with you paying the difference.

Pete

 

[galooph]

Heyup, Stuart – long time no see!

I had the same difficulty when I rented a workshop on a local industrial estate. Plenty of insurance options if I wanted to run it as a business, but nobody seemed interested in anything non-commercial. In the end, Insurance Protector, Insurance Protector, fixed me up with a policy from Commercial Express. They were flexible too, as they even amended one of the clauses about welding.

I had to vacate my unit last Christmas, as the site was sold off for redevelopment. Had the insurance cover for years, though never had to claim!

 

[stuart.grimshaw]

My local broker drew a blank

Hey @galooph ! How the heck are you? I've just tried the insurance protector website but it's just timing out, not sure if it's a temporary thing or if they're not around any more.

 

[galooph]

I'm doing ok, ta Hope things are good with you.

Just checked the IP site and it's loading ok for me, so hopefully, it was just a temporary thing.

 

[Ollie78]

The only people who would insure my workshop was Allianz, I got it through a broker DPI insurance.
I have combined policy with public liability.
Took me ages to find a policy because my workshop is "non standard" construction in an old barn.

Ollie

 

[Terrytpot]

Concerned about the replacement cost of my tools and machinery we shopped around a bit to find a policy where their house and contents included upto £10000 of equipment inside a garage which led us to using “Liverpool Victoria (LV)”. Plenty of other companies offering more on the contents side of things but they all seemed to be aimed at the ridiculously wealthy with art collections or lots of fancy jewellery…

 

[Fireburst]

Try direct line. I had similar issues insuring my workshop but direct line sorted me out.

 

[stuart.grimshaw]

The 2 main issues I'm having are:

1) I'm not a company, it's for a hobby so most insurance is for companies or sole traders.
2) The workshop is not on the same property as my homne so those policies don't apply.

 

[Ollie78]

The 2 main issues I'm having are:

1) I'm not a company, it's for a hobby so most insurance is for companies or sole traders.
2) The workshop is not on the same property as my homne so those policies don't apply.

Maybe you could become a sole trader, trying to remember what it involved when I did it, it wasn`t a lot. Its not like being a limited company or anything, you will have to submit a self assement but it could say you have earned £50.

Ollie

 

[Ollie78]

Concerned about the replacement cost of my tools and machinery we shopped around a bit to find a policy where their house and contents included upto £10000 of equipment inside a garage which led us to using “Liverpool Victoria (LV)”. Plenty of other companies offering more on the contents side of things but they all seemed to be aimed at the ridiculously wealthy with art collections or lots of fancy jewellery…

It does seem like there is a gap in the insurance market. I cannot get cover over £5k for tools in my van but they will be insured inside my workshop as part of my policy there, but not my home. Also there is a destinction on my policy for fixed machinery and portable power tools, each has a separate value.

I looked into specific tools insurance for just all circumstances cover so wherever they were, had a broker look eveywhere and it only exists up to a very low value and is very expensive.

I think if a company started a division for hobby / sole trader tool insurance they would get a lot of business. So many people have hobbies with expensive kit like people who tinker with motobikes, classic cars, bikes.
I guess the risk is too high .

Ollie

 

[Blackswanwood]

Perhaps give these guys a try …

https://www.walkermidgley.co.uk/

 

[stuart.grimshaw]

In the end I had to start a sole trader business (I already self ***** for tax so it's no big deal) and agree to some extra security measures, sensible things really like having a good lock and not having any windows that can open from the outside. My local broker was able to get me a policy with Zurich for £163.

Thanks for all the suggestions everyone.

 

[timbra]

It does seem like there is a gap in the insurance market. I cannot get cover over £5k for tools in my van but they will be insured inside my workshop as part of my policy there, but not my home. Also there is a destinction on my policy for fixed machinery and portable power tools, each has a separate value.

I looked into specific tools insurance for just all circumstances cover so wherever they were, had a broker look eveywhere and it only exists up to a very low value and is very expensive.

I think if a company started a division for hobby / sole trader tool insurance they would get a lot of business. So many people have hobbies with expensive kit like people who tinker with motobikes, classic cars, bikes.
I guess the risk is too high .

Ollie

Just wondering what you pay to insure your workshop tools and van tools? I've just done a compare the market and it's coming out at £950 per year which sounds steep.

 

[Ollie78]

Just wondering what you pay to insure your workshop tools and van tools? I've just done a compare the market and it's coming out at £950 per year which sounds steep.

Thats in the ballpark, a little less but it all depends on the values of machinery and stock, as well as the buildings structure etc.
The tools in van cover is actually very low. I cannot get separate cover for that at any reasonable rate at all and the conditions are mostly ridiculous like, "van must be in a locked compound with security lights and cameras overnight" .
Compare the market and all those sites were at least 20 to 30 percent more than what my broker managed to get me in the end, a lot of them would not insure me because of the buildings construction and the joinery business is apparently a high risk.