There are several advantages of working from home such as being in a comfortable and controlled environment and not having to travel far to get to the office.
The Office For National Statistics reported that there are over 4.2 million people in the UK currently working from home and around 2 million that work both at home and in the office – and this is increasing year-upon-year.
Whether you have your own office, workshop, online business, practice or salon from home, you will need insurance to protect your work and equipment from dangers such as fire, flood, theft and vandalism.
Most household policies will cover your building and contents, but it could invalidate your policy if you fail to mention to your insurer that you are working from home. Simply paying a few pounds extra per month will allow you to extend your home policy and cover your home-based business for any eventuality. Even devoting an extra £15 per year could get you an extra £1,000 worth of cover. (Source: This is Money)
Be Wiser is able to combine your business and home insurance into one single policy. This will save you and your business a lot of time and energy as we can reduce your admin with one set of documents and one renewal date each year.
Working with some of the best insurance providers in the country, we can offer a tailored policy that is specific to your business needs. So if you have lots of equipment in your home or several visitors on a daily basis, we can make sure that you have all the necessary cover in place.
Our team of advisors is based in Andover, Hampshire and they are ready to speak to you today on 0333 999 0802. By understanding a little more about your profession and what you do, we can find the right home based insurance for you.
If you work remotely, you will likely rely on equipment in order to carry out your work. Your household contents insurance will probably cover a personal computer and laptop, but less so expensive audio-visual equipment or very specific items.
An insurance policy can cover all the work-related equipment you might use at home such as printers, photocopiers, clothes, paintings, food and even a massage table.
If you hold a lot of stock as part of your business because you make products, prepare food or sell goods online, you can get these covered by your insurance in case your inventory is stolen or damaged by accident. Your policy will be able to replace them or give you the value that they are worth. This will limit the interruption to your business and allow you to continue trading with minimum hassle.
Even though you work from home, you can still be liable for damages if a customer or individual is harmed by your business activity.
Public liability insurance covers you for any claims made by someone that has visited your home in connection with your business. This is ideal for people with regular patients or customers coming through the door such as therapists, tutors and medical practitioners. For example, if a customer falls on your premises and gets injured, they can sue you for damages. So having public liability cover can pay for legal fees and other expenses involved with defending your claim.
Professional indemnity is another form of liability cover that protects the professional advice that you give to customers. Whilst we always try to do the best for our clients, if our advice has negative effects, you are at risk of being sued by the customer. This is common in medical practices where patients feel the wrong diagnosis or treatment has been given. This type of insurance can pay for any compensation to the customer and the legal costs involved.
Products liability is ideal for those that sell products from their home. For artists, entrepreneurs, potters, fashion designers and chefs, there is always the chance that something you sell is defective. You may face legal action is a customer is accidently harmed by your product - so having products liability allows you to protect your business from any mishaps.
It is important to accurately calculate the value of the equipment you use for working at home. If you under-insure your contents, you will not receive the full compensation from your insurer but if you over-insure your items, you will spend more on your premium than you need to. Our professional advisors are used to calculating policies on a daily basis so we are happy to assist and find the right level of cover for you.
If you running a big business from your home and want to make major alterations to accommodate your business, you may need to request permission from your local planning office and council e.g building a workshop. (Source: Gov.uk)
By using your home for clerical purposes, you may have to pay business tax rates for your property. However, you can also claim a proportion of the council tax, heating, lighting, phone calls and Internet that you use specifically for work and this can be a big saving. You can calculate your allowable expenses here.