Does anyone know of an insurer who will grant business insurance to those of us in IVAs?
Having borrowed £3000 from my Grandad to buy all the gear to set up as a self employed carpet and upholstery cleaner, I now find myself totally unable to get business insurance.
I've tried loads of companies and "MUST NOT BE INSOLVENT OR IN IVA ETC" is in all of their terms and conditions.
Is anyone else here a self employed sole trader and, if so, who are you insured by?
I have done a bit of searching and found a site superquote which says it can insure discharged bankrupts for business purposes. It may be worth a try and see if they will insure existing IVAs.
I am at a bit of a loss as to why i can't get insurance to be honest. I know that you are allowed to trade as a self emplyed sole trader whilst in an IVA, yet no one seems to want to insure me.
I can get car insurance, life insurance, home insurance... just about everything but business insurance.
I'm not asking them for credit of any kind. Very strange.
Have given Superquote a try Michael, filled out their form etc and am waiting to hear from them.
As you say, they mention insurance for discharged bankrupts, but nothing about existing IVAs. There has to be someone who will insure those of us in IVAs otherwise every self employed sole trader is trading without insurance and I can't see that somehow.
Fingers crossed Matty all goes well. Oddly enough we do quite a lot of self employed IVAs and it is not something that normally crops up. If Superquote can get you insurance let me know and I will save their details for our own clients.
If you get a chance to speak to someone you should point them in the direction of this site and mention the potential customers available. Duncton must do quite well from this site as they are one of the only firms who lend to those in IVAs and their name is mentioned constantly.
Unfortunately, Woodstock (who are connected with Superquote) phoned me today but I missed their call and it was too late to call them by the time I noiced the missed call on my phone.
I have found another outfit called Peacocks who were the only company to come up when I googled 'business insurance for bankrupts.'
Have filled out their online form and said that I am in an IVA, so will be interesting to see if they contact me.
That's quite a good point about mentioning the amount of potential customers on this forum. I'll certainly make them aware of it.
When putting my business together I didn't think for one moment that I would have trouble getting business insurance. The thought never occurred to me at all. I just don't see why they perceive someone in an IVA to pose a greater risk of making a claim. I can only assume they think that some people in IVAs might conspire with someone and put in a fraudulent claim to raise funds to pay off their IVA. Other than that it's a mystery to me to be honest.
Last edited by Mattybaldy on Fri Jul 09, 2010 7:09 pm, edited 1 time in total.
