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Tricky Business Insurance

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  • 24-07-2018 11:46am
    #1
    tacofries
    Registered Users Posts: 854 ✭✭✭


    Hi Everyone,

    Can anyone recommend a good insurer for product liability, professional indemnity and stock insurance?

    I am having quite a bit of trouble getting a quote in Ireland as my company designs, manufactures and sells the product meaning we don't fall in to the traditional business insurance covers.

    The product I have designed is a storage product for bathrooms.

    Thanks,


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    #2
    tacofries
    Registered Users Posts: 854 ✭✭✭tacofries


    Anyone able to help??


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    #3
    Chiorino
    Registered Users Posts: 621 ✭✭✭Chiorino


    Is there any particular reasons why you need to have professional indemnity insurance? While there is often some element of it in commercial insurance packages, it can be of little relevance to some businesses depending on exactly what you are doing.

    Getting the PL/Products and stock cover should be relatively straightforward, unless there is something else to this that I can't see.


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    #4
    Gloomtastic!
    Registered Users Posts: 8,479 ✭✭✭Gloomtastic!


    Try https://bizbroker.ie. They always seem to try that little bit harder to get your business than other insurance brokers i’ve used over the years.

    No affiliation, just used them for years and always been happy with the service/ renewal quotes.


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    #5
    tacofries
    Registered Users Posts: 854 ✭✭✭tacofries


    We fully designed the product from scratch so looking for professional indemnity in case we over looked something. Our market search makes me very confident that nothing was over looked however I would not like to take the chance.

    An example of something which could have caught us out was in the prototyping stage, we made the unit from a plastic that if dropped would brake into sharp pieces that could cut somebody. Could we then have been taken to court as we were negligent in our material choice? Would professional indemnity have covered us in this scenario?

    Side Note: in the end we settled on a material that is tough to break and in the unlikely circumstance that it does, it would be hard to cut yourself with.

    Will try bizbroker this week Gloomtastic so thank you :)


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    #6
    tacofries
    Registered Users Posts: 854 ✭✭✭tacofries


    Got insurance sorted for everywhere except USA & Canada. Can anyone recommend a company to go with?

    Thank you,


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    #7
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Canada is not too bad but the US can be a nightmare. I'd insist on all or nothing, don't let the broker allow the exclusion of two markets. I'd try Marsh or Willis for a quote, they have strong US connections and understand that market.


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    #8
    tacofries
    Registered Users Posts: 854 ✭✭✭tacofries


    pedroeibar1 wrote: »
    Canada is not too bad but the US can be a nightmare. I'd insist on all or nothing, don't let the broker allow the exclusion of two markets. I'd try Marsh or Willis for a quote, they have strong US connections and understand that market.

    I have been pushing the all or nothing scenario with 4 different companies for over 2 months now but so far no success! Getting very pushed for time at this stage so may have to commit to EU sales only for now until the US insurance gets sorted.

    I will try both Marsh & Willis tomorrow.
    Thanks Pedroeibar1,


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