Niche policy provides cover for growing sector of craft businesses
High net worth specialist insurer Sterling has launched a scheme with Wigan-based Walmsleys Commercial Insurance Brokers (WCIB) for hand-crafted goods businesses.
The craftcover.com scheme will cover policyholders against legal liability, public and products liability and will include cover for goods while in transit to shows and fairs.
The vintage craft sector employs nearly 210,000 people in the UK and has grown rapidly over recent years with the introduction of websites Etsy and Not on the High Street, which allow small sellers to more easily reach a far greater audience.
Project director Alison Bellamy said: “Walmsleys are craftwork enthusiasts and we have combined our insurance knowledge with this passion. This policy is fully flexible, allowing the holder to tailor the cover to their specific needs.”
Sterling beat competition from three other insurers to work on the scheme and will provide the underwriting capability and claims management to customers.
Sterling schemes director Sara Simmons said: “Working with WCIB, we’ve recognised that this is a huge and growing market with evolving insurance needs, particularly with the number of people now selling online and to export markets. We’ve been able to design a policy that covers many risks, particularly attendance at exhibitions and trade shows, as standard.”
In a recent survey by Insurance Times, 95% of brokers said they were looking to invest in more schemes, while 96% of respondents said they expected to see considerable growth in the schemes market in the next year.