Business from Home Insurance

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What is Business from Home Insurance?

In the UK today, an increasing number of people work from home. For these home-based businesses, it is vital to buy Business from Home Insurance.

Business from Home Insurance can provide you with protection for some or all of the following:

Buildings and Contents Cover
Public and Product Liability
Employers Liability
Cover for Loss of Income
Cover for Legal Expenses

Business from Home Insurance is suitable for all types of businesses - designers, estate agents, independent financial consultants, hairdressers, caterers and more. Those who work in manual trade such as plumbers and electricians should look into buying Tradesman Insurance.

Business from Home Insurance can be taken up by workers who are either self-employed or those who employ staff. This insurance will protect not only those who work from home but will also cover workers who work in outbuildings on their property such as garden offices, studios or workshops. This insurance will even cover those who are at work their client’s premises.

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Why is Business from Home Insurance Required?

Business from Home Insurance is essential because your homeowner’s insurance does not provide cover for any aspect relating to your business activities.

For example, your personal contents insurance may not safeguard you for any items you may lose that you use as part of your business, eg. computers or mobile phones. Check your home contents policy to ascertain your own policy details.

Be clear that home insurance covers only the home, not any part of your business. Be aware that if you do not declare that you have a home-based business, your home insurance could be invalidated.

Business from Home Insurance has many benefits. One of them is that it will provide you with additional options such as Public Liability and Employer’s Liability so that you can run your business with peace of mind. If any mishap or accident should occur, you and your home business will be sufficiently covered.

If something unfortunate - for instance, fire or flood - happens to your home and you are unable to operate, Business from Home Insurance will reimburse you for loss of income until you can continue working. Your Home Insurance would not.

What does Business from Home Insurance cover?

Different insurers will offer different types of cover. However, here are some of the more common features on offer:

Contents and Building Cover will protect the premises and contents of your business. This will protect your office space as well as everyday business equipment such as computers, telecommunications equipment, stationery, furniture, stock, business data and more. It is also possible to extend your cover to include pieces of office equipment which may be lost or damaged outside of the home office - laptops and mobile phones are particularly vulnerable items.

It is also worth insuring cash which may be stolen or lost both at the home, office or outside. Prepare a detailed inventory of your business contents so that you can make a claim for a realistic amount.

Public Liability to cover injury to your clients, suppliers and even members of the public or their property with whom you may come in contact while doing business. This can be either at home or in other premises. Public Liability will also cover damage or accidents to your employees. Some Public Liability policies offer professional indemnity and are tailored specifically for professionals such as consultants and accountants who partly make a living by giving out advice to their clients. Certain Business From Home policies will protect such professionals from any litigation brought against them by dissatisfied customers. Such a policy will ensure that a clients who has suffered damages will be adequately compensated.

Some insurers offer Malpractice Insurance which are normally designed specifically for those in the medical or health professions - doctors, dentists, physiotherapists, to protect them from damages caused by a treatment that has gone wrong.

Product Liability is necessary if your business involves selling a product. This will protect your business from any liability resulting from a fault of the product in question.

Employer’s Liability cover will protect you as an employer against any actions taken against you by a member of your staff.