The economic down-turn has encouraged a growing number of people to start their own businesses, and many of these are set up in their own home. But all too often they don’t appreciate the effect this has on their standard home policy and are ignoring the need to take out specific business insurance.
The Insurance Blogger has highlighted the areas which should be considered by home workers. These include:
- Home insurance policies often limit the cover for IT or business equipment, which may mean that vital items are not covered if they are stolen or suffer accidental damage.
- Public liability cover is needed to protect customers or visitors against the risks of injury when they come to your home.
- Check if your car insurance is limited to social and domestic use: your vehicle insurer needs to know if you are using your car to visit clients or customers.
- You need cover for stock or materials stored at home.
- If you are a professional belonging to a regulated body, you may be required to have professional indemnity cover.
The best advice is to talk to an insurance broker to find out the best policy for your business.