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little thief has been watching who does well and who doesn’t and he wants some money for booze or drugs. He stops me and threatens me with a knife if I don’t give him my money. Well he can have it, I’m insured. I have a record of my takings and I’ll call the police (I also have a list of the serial numbers written in my diary, which lists my sales and is kept well away from the cash when I’m in transit). It also covers my petty cash in my studio, stamps etc, so I’m also covered when I’m taking cash to the bank.

Trade Credit Insurance

I have stock around the country with galleries, most of it on credit (sale or return). So what happens if a gallery goes belly up 200 miles away? I could lose, say, £400 worth of stock (average cost price of stock, not RRP).

But I won’t. Why? Because this is what this insurance covers against - when you work out how many thousands of pounds’ worth of stock it covers, it’s well worth having.

Business Interruption Insurance

Does what it says on the label - it pays out if you can’t operate your business. Check with the broker what exactly it covers and how much you get.

Links to useful info:

Business link:

http://www.businesslink.gov.uk/bdotg/action/layer?r.s=sl&r.lc=en&topicId=1075196424

Find a local broker:

http://www.biba.org.uk/ConsumerHome.aspx

Online comparison site:

http://www.which.co.uk/advice/best-price-comparison-sites/index.jsp

Personal feelings: I use a small business policy that has been tailored to meet my requirements; I pay extra for additions to my policy and would always recommend shopping around for what’s best for you.

For more information on Neil Graham and to buy his wood jewellery visit his shop:

www.folksy.com/shops/WoodJewellery

Neil is a very talented woodworker, and this article is based on his own experience, but he is not an insurance broker. Please contact an insurance broker or professional adviser for advice on what insurance you may need based on your own circumstances.

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