Business insurance - liability

[presidenttttt]

Hi all ,

Has anyone got any experience getting business coverage where some risk exists, or is perceived?

I am looking at an equipment rental business. It would include equipment like child strollers - and insurers don't love this. I have seen in similar companies where there are nuanced exclusions, for example car seats not rented to take on planes abroad (due high risk of unseen mishandling in aircraft cargo hold).

I am not sure all brokers get into nuance when casting their net into the pond of insurers? Speaking direct to an underwriter might yield more options?

Welcome any advice...

 

[Brendan Burgess]

How much is a child stroller?
How much is a car seat?

After you have rented it out 10 times, how much is it worth?

If one is damaged, throw it out. Don't waste valuable time claiming compensation from an insurance company and getting into fights.

Insurance should be to cover for big risks. A fire in your premises that destroys half your stock. But not an oil spill on a car seat.

 

[T McGibney]

and insurers don't love this.

What are you trying to insure? The stock or public liability for their use?

 

[presidenttttt]

Public liability.

 

[presidenttttt]

Correct Brendan, if something damaged it is thrown out under our model. In addition to safe products we want to operate as a premium quality brand. People have had too many bad experiences of getting old, trashy, and dirty products abroad. As such, products can be self insured.

Like many Irish business the issue is someone cuts their knee and tries to sue everyone, including the person that looked at the sideways.

 

[T McGibney]

I don't know have you researched how tool hire businesses get insured for public liability? If not, that might be a good place to start.

 

[presidenttttt]

Correct, and bicycle rental shops.