Business from Home
When it comes to working from home, Household insurance policies rarely provide the cover you need. Time and again we hear about people who have had equipment damaged or stolen and insurers have refused to pay out on the grounds that it was used for business purposes, and therefore excluded from their policy.
Even if an insurer is aware of your business operating from home and agrees to cover your office contents, there's a raft of other covers which should also be considered, depending on what you do:
- Business contents and stock - for replacing business-related goods in the event of theft or material damage, with the option of extending cover to items away from the home.
- Public Liability - to cover you for injury sustained to Third Parties or their property, for which you are deemed responsible, whether at home or away.
- Products Liability - protection against claims resulting from goods you sell
- Employers' Liability - if you have any employees, it's protects you in case they are injured while in your employment and you're found negligent. And it's a legal requirement, whether they're paid or voluntary workers.
- Business Money - Indemnifies you in the event that company money is lost or stolen, up to a given limit and subject to exclusions
- Personal Accident - A lump sum is paid in the event of assault, death and defined disablements
- Business Interruption - It includes reimbursement in the event of Increased cost of working, loss of gross income or loss of book debts
- Goods in Transit - cover for items connected with the business, while in transit.
- Additional options include cover for Buildings, Frozen food, Commercial Legal Expenses
You might imagine that all this cover is prohibitively expensive for a small business, but actually it's remarkably good value.
Want to find out more?
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