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Are you covered?
Do you work from home? Did you know most house insurers will not cover business equipment in the home.
For a small premium (from only £50) you can make sure your business is covered.
Make sure you do your homework!
As more and more people are now working from home it's vitally important you have the right insurance to cover and protect against any unexpected risk. We have therefore produced this simple guide to ensure that a home based business is properly insured.
I knew we had inadequate cover for our home office, but was baffled by
what we needed. Paul at Coversure, took the matter in hand, explained
exactly what I needed, searched every avenue as our request wasn't
straight forward, and promptly gave us a better quote. Wow! Easy to
recommend, and THANK YOU!
Francine Leary - Partner - BLU:72 Creative
More people are working from home today due to a number of reasons, not least the financial savings of working space in your own home, rather than have the burden of a commercial office space. There has also been a huge increase in the popularity of "Garden Offices", most of which are of wooden construction, which again has made home working more accessible. With the expanding home working sector, there are a lot of businesses making use of residential areas of the house for stores and the like.
A standard household policy would not usually cover you for working from home. The good news however, is that insurers are now much more accepting of the wider risk that exists in the modern working from home environment and have now created specific homeworker policies.
Buildings Insurance
Insurers will want to know the nature of the business to establish whether this represents a greater risk to the insured property. For instance, business visitors to the property may enhance theft or liability risk, and business stock could also pose a greater theft or fire hazard. A typical home buildings insurance policy would exclude liability for any business visitors.
Contents Insurance
Technology is now vital to running a home based business. 82% of home business owners believe technology has been a very important factor allowing them to start and grow the business from home and 52% spend between £500 - £1000 on IT equipment each year.
The insurer will need to know what technology and other business equipment is in the home, as well as any stock held. Most domestic policies have restrictions on equipment owned by your business and very few will automatically cover business stock.
Public Liability and Professional Indemnity
Home based business owners should also have Public liability insurance. This covers the policyholder's liability to members of the public for injuries suffered or property damaged arising out of the business. A Professional Indemnity policy also provides cover for a professional person or home based business against claims for loss due to incorrect advice or failure to carry our professional duties properly.
Employer's Liability
Although being home based you may wish to recruit staff as the business grows. It is therefore a legal requirement for the home business to have employer's liability insurance in place. This covers employers for any sum which they may be legally liable to pay an employee in respect of injury, disease, illness or death caused during employment.
Coversure Insurance Services offer Homeworkers insurance from a number of insurers and can find the right solution for you.
Homeworkers Insurance Benefits:
- Business Contents
- Stock and Customers Goods
- Computers
- Goods in Transit
- Frozen Food
- Money
- Glass and Signs
- Business Interruption
- Computer and equipment breakdown
- All risks
- Business food
- Employers Liability
- Public Liability
- Products Liability
Cover can also extend to allow some work away from the home, although this is dependent on the trade and the percentage of work away required.
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