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Product liability insurance and VAT

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  • 21-09-2018 5:02pm
    #1
    Moonaz
    Registered Users Posts: 12 ✭


    Hi guys,

    Just have a couple of questions which I have been reading up on ages before asking here T_T

    So I am planning to import already packaged products from another EU country to Ireland. I was wondering if I needed product liability insurance?...I have contacted numerous insurance companies asking for a quote but no one has replied back. I am not sure why :(:(:(

    I have registered my business name and for income tax but not for VAT (because I am way below the threshold). But since I am bringing in products from another EU country I am thinking that registering would be beneficial as I can avoid paying vat in the other European country and only pay in Ireland. Has anyone here had similar experience to this? Is it better to register or wait till you reach the threshold?

    Thanks in advance :D


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    #2
    hairyslug
    Registered Users Posts: 2,593 ✭✭✭hairyslug


    I can't help with the insurance but I wish I had registered for VAT either at the beginning or much sooner, some of the benefits for us is cheaper, packaging, postage and advertising. It also took the revenue 11 weeks to complete registration so it has tied a lot of money up while I wait for a refund from the HMRC.


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


    Moonaz wrote: »
    I was wondering if I needed product liability insurance?...I have contacted numerous insurance companies asking for a quote but no one has replied back. I am not sure why

    If you are selling any time of physical product, products liability insurance would be recommended. Is the product someway unusual that the insurers are having difficulty rating. If you can advise the details of the products (PM if you don't want to post publicly) I might be able to point you in the right direction.


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    #4
    tacofries
    Registered Users Posts: 854 ✭✭✭tacofries


    CFM insurance are quick to insure products for sale in the EU.


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    #5
    Moonaz
    Registered Users Posts: 12 ✭Moonaz


    Chiorino wrote: »
    If you are selling any time of physical product, products liability insurance would be recommended. Is the product someway unusual that the insurers are having difficulty rating. If you can advise the details of the products (PM if you don't want to post publicly) I might be able to point you in the right direction.

    Well we are planning to sell organic dried nuts which would be provided and packed for us by our supplier in Spain :)


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    #6
    Moonaz
    Registered Users Posts: 12 ✭Moonaz


    tacofries wrote: »
    CFM insurance are quick to insure products for sale in the EU.

    I have emailed them now... hopefully they reply back to me :D


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    #7
    Chiorino
    Registered Users Posts: 621 ✭✭✭Chiorino


    Moonaz wrote: »
    Well we are planning to sell organic dried nuts which would be provided and packed for us by our supplier in Spain :)

    Very straightforward. You should be able to get cover for around €200 from the likes of IOMST.


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