According to a report conducted by Enterprise Nation,
2.1 million businesses in the UK are run from home. Some of the
fastest growing home based business sectors include the business
and professional areas, online trading, personal services, food and
domestic energy production. (Source: bytestart.co.uk, June
2010.)
Whether you are a freelance journalist, a mobile hairdresser or
a complementary therapist, one thing you may not think about when
setting up your home-based business is home business insurance. Do
not make the mistake of thinking that your home insurance policy
covers your home business venture.
Home insurance is designed to cover domestic risks and may not
include your office equipment, furniture, tools, fax and copier
machines, etc. If you are a web developer, photographer or graphic
designer, you most likely rely on electronic equipment to run your
business. If any of your equipment is damaged, lost or stolen, how
quickly would you be able replace it?
The right home business insurance policy would cover the cost of
replacing or repairing your equipment so that interruption to your
normal business activity is minimal. Working from home does not
protect you from unforeseen accidents and incidents. Home insurance
does not cover public liability, professional indemnity or
employer’s liability insurance.
These types of cover ensure that if a legal claim is made
against your business by an employee or customer, any legal costs
incurred and compensation awarded are covered. The value is
generally dependant on the level of cover you choose.
Just one successful liability claim could effectively bankrupt
your business. Adequate home business insurance can help your
business survive such a claim financially. If you are in the mobile
services industry, your ability to do business depends on your
tools, equipment and vehicle. Could you afford to pay for repairs
or replacement costs on any of these items from your day-to-day
budget?
YOUR Insurance, the small business insurance specialists, offer
a wide range of home business insurance options designed to give
small and medium enterprises or SME owners peace of mind. With a
free 24-hour legal and emergency helpline, computer and portable
equipment cover, and the option of spreading your premium payments
over 12 months, YOUR Insurance offers specialist insurance options
for start-ups and SMEs across all industries. Contact us for more
SME business insurance information or a free quote now.