The government estimate that there are 2.9 million businesses operating from home in the UK. If you’re one of them – well done for escaping the rat race! However, one element that’s often forgotten is business insurance cover and that’s where we come in!
Our team of expert advisors will help you understand your specific risks and compare home based business insurance quotes from up to 10 of the UK’s leading insurers so that you can find the right cover at a price that won’t break the bank.
This is a common question and the short answer is normally yes, but it very much depends on what your business is doing.
If you work from a home office, chances are you will have business contents (desk, chair etc.) computer equipment and even stock, which will need to be protected against perils such as fire, flood or theft.
If your business employees staff, whether they are based at your home or working remotely, then you are legally required to arrange employers liability insurance which provides cover for claims received from employees for injury or illness as a result of their employment. A common claim for homeworkers is repetitive strain injury (RSI) as a result of using unsuitable equipment.
In addition, if your travel from home to client premises, or if you have any visitors to your home you should consider public liability insurance cover – legal liability for injury to clients or members of the public such as slips, trips or falls.
Specialist cover from a single desk to purpose built garden offices
Public Liability Insurance cover at home and whilst you visit clients
Sole traders, Partnerships, LLP’s & Limited Companies
Cover available for all types of home based businesses including manual work
Non-standard construction and high risk trades
Business / Office Contents, Computers, Stock
Laptop, tablet, mobile phone or specialist equipment away from the office
Stock or goods in transit & money cover options
Business Interruption (loss of fee income)
Public Liability and Products Liability
Optional Employers Liability for any employees
Legal Expenses, Business Travel and Personal Accident options
Professional Indemnity Insurance & Cyber cover extensions
We compare prices and home office and business cover from our panel of leading insurers
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Client operating an online marketing business from a purpose built garden office. Following freak storms the local river burst it’s bank and the clients garden was totally flooded destroying £5,000 worth of computer and office equipment.
Fortunately, in addition to the office equipment protection, the client had also arranged business interruption cover which included “increased cost of working” which funded her to temporary setup in a nearby serviced office until until repairs were completed.
Some standard home insurance policies will provide cover from a small element of office or business contents. However, this is often quite limited and generally intended for occasionally homeworkers.
Home insurance will not extend to other perils such as public liability, employers liability or business interruption cover. If you operating a genuine business from home then best advice is to purchase specialist working from home insurance.
According to research from DL4B an estimated 8 million people in the UK run an internet or online business from home. Alongside standard cover for computer and business equipment, an eBay or Amazon seller may also require cover for stock and materials such as packaging.
However, probably the most critical area of cover is Products Liability Insurance. Should a buyer or other third party suffer injury as a result of the goods you have supplied they may seek financial compensation from you as the seller. Without adequate products liability cover you would be personally liable for any losses, which could run into tens of thousands of pounds.
When purchasing products liability cover you should also check that cover does not exclude goods supplied from the far east if this is applicable to your business.
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