It's that time of year when I need to renew my Public Liability Insurance. I am really disappointed with the comoany I currently use. In fact, I would say they have little empathy for the small business man and basically ripping people off. The situation have is that as my business has grown, so has the number and value of tools. I now have a £4000 ride on mower and a £1000 strimmer. Obviously, it is important to have these items insured. My original policy was for the value of £5000. However, I am now looking to increase the overall value. I have been told they are will to insure my tools up to value of £25,000. I don't actually need this amount. However, it can't hurt because over the year I may well add to my collection. All so far sounds good. However, it would appear that although the value is £25,000, it has a single item value of £500. THat means, should my mower and streamer be stolen (valued £5000), the company would only pay out £500 per item, minus £100 excess. This would mean a £5000 loss with £900 compensation. What an absolute joke! Based on this, If theft were to happen, I don't know if I cold afford to set up again.
I would be really grateful if anyone could recommend a company who offer reasonable terms.
Thanks
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I have recently renewed with APlan Insurance (an AXA policy they offer), I’m sure if you speak to your local branch or another over the phone they will be able to help. I am in a slightly different position to you though as I do not have ride on mower to cover but the limit is £1000 single item, they may be able to amend this to reflect your own circumstances.
Thanks, Jonathan.
It would appear that single item may well be standard - perhaps i'm being naive.
Talk to the NFU - it won't be cheap but its 'like for like replacement' and you can specify as many iems and values as you like!