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UK Household insurance and business insurance for those working from home wheres the link
| Guest post by: Simon Ward |
Article Overview: Simon Ward ACII, Chartered Insurer, has many years experience in both insurance underwriting and insurance broking having held senior management positions in Jardine Insurance Brokers and Lombard Insurance. He was instumental in developing the online businesshome insurance policy combining household and business insurance in one document.
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Free Download - By Simon Ward |
UK Household insurance and business insurance for those working from home wheres the link
What you first need to understand about your Household Insurance:
Most people working from home rely on the insurance cover provided by their household policy as being sufficient for their needs.
"There's no need to add more insurance costs to the already stretched budget - enough's enough". So why investigate further? (Well if there was no need I wouldn't be writing this article!)
Please, for your own sake, check your household policy to find out if it specifically excludes business use cover (which is when you work from home). Insurers are not always clear on this point, they rely on expressions such as "Family possessions", and "Household Goods & Personal effects" to exclude business activities and you should know that office contents belonging to your business, as distinct from belonging to your family, are different.
If you are still unclear check the proposal form you signed. Does that contain a question "Is your home
.occupied solely by you and your family and not used for any business purposes"?
What you will find is that it's quite often difficult to get a clear understanding of your insurance cover, so check carefully ---
You do need to remember it's your business that's at stake so it's essential that you've got in place the right insurance cover for your business assets and your liabilities, as well as loss of earnings.
BUT
More insurers are now saying they do provide cover for your business office at home but they fail to tell you that the only cover they provide is loss or damage to your office contents and equipment, no cover on your laptop away from the home, no cover for increased cost of working as a result of a major claim, no cover for money belonging to the company, no public liability cover and if you employ someone to work with you, no employers liability cover. It is more than likely that you will be told that these covers must be arranged separately at great cost.
www.businesshome.co.uk provides in one document the insurance cover you need for running a business from home - at an annual cost in line with your Household Building and Contents cover. Its really great value and underwritten by experts in this class of business. You can obtain a quote, pay the premium and arrange the cover all online. The only true quote and buy cover available on the net!
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Related Forum Posts
Insurance for Home Based Business?
- Apparently homeowners insurance and liability insurance may not be enough to cover your at home based business. Especially if you are running the business out of a detached garage or other dwelling on your property.
Does anyone have another type of business insurance for their home based business or know anything about this?
Re: Insurance for Home Based Business?
- My home is insured for all the points mentioned here, and i also have insurance for my laptop.
Here you must have insurance when you take a mortgage on your house, and everything is covered, visitors, fire, earthquakes, dogs, etc.
The first thing I did after buying the laptop is calling my insurance agent and enter it to the policy.
Health insurance
- And as far as unplanned expenses, I'd like to suggest that everybody go right out and get health insurance if you don't have it already. As well as long-term disability insurance.
Regardless of whether you run your own business or not, you simply can't afford to be without health insurance.
Harsh reality
- I am a patent agent and an entrepreneur.
Two questions.
Question 1: Are you willing to invest $60K and two years into this invention? If YES
Question 2: How can you protect your investment?
This may seem harsh but if you don't invest who will. In my opinion, a patent has zero value, (and is in fact a liability), until the invention that it protects is generating or dang close to generating revenue, with a chance for profit.
A patent is an insurance policy. Like every insurance policy, you have to buy before you know what's going to happen. My typical patent preparation fee is $6-9K. Is it worth it? That depends. Is your life insurance policy worth it? That depends.
The real value in any invention is the business that is built around it. If you have what it takes to build a business around an invention then filing a patent is a business decision. Like all business decisions you make it and you keep going. If it was a bad decision, you deal with it.
Re: Do entrepreneurs have benefit coverage?
- I'm surprised this topic hasn't gotten more play.
It is very dangerous for people to not have health insurance, dental insurance, etc., yet those of us who are self-employed have a tendency to not buy it because we can't afford it.
I, for example, don't have any coverage of any kind. But, I'm reasonably healthy, have no kids who need coverage, etc.
Perhaps a better question would be - if you don't have coverage, why not? Too expensive? You're superstitious, etc?
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