I have had business insurance with one of the main banks for twelve years.
At renewal time this year I aksed them to amend a few details as the business has changed over the years. The result being was that they no longer wish to insure my business and advised me to speak to a specialist broker
All I did was state that I am now:
running a ecommerce site as only source of income (previously classified as a computer consultant)
have no stock
handle no cash
have less and lower value IT equipment at the home based office than previously stated
They questioned the ecommerce website and how is it operated. I told them I have my own server co-located in a datacentre.
It was a minute after that statement they said 'thanks but no thanks'.
Has anyone else had this problem?
Why did they choose not to renew the policy once they told them about the website and where it is located?
Surely this is one of the safest businesses to insure? I meet no public, I have no cash, there is the minimum of IT equipment here.
IMO I only need the statutory Employees Liability insurance. I guess Public Liability insurance could be an option as it could happen that when delivering a server to the data centre I drop it on an engineer's foot.
Any advice?
