Business insurance when you work from home

How to keep yourself and your work from home business covered

Today’s guest post on behalf of Direct Line looks at the insurance cover you need when you work from home:

Business insurance should be part of your business plan even if you work from home. So here are the basics for covering your company from day one, whatever fortune may throw at it.

Your customers

We’ve all seen the TV ads. Dozens of ‘no win no fee’ law firms queuing up to make injury claims on your behalf. These claims have spiked over recent years and liability insurance has never been more important.

Public Liability insurance covers you against claims that members of the public may make for injury or damages whilst visiting your workplace. Remember, if you work from home then any customer who visits your house is a potential risk.

Your employees

If you employ people, then, unlike Public Liability insurance, Employers Liability insurance is compulsory. Legally, you must insure your business in this regard for at least £5 million and post details of your policy where employees can read them.

Bear in mind that Employer’s Liability protects you as well as your staff. It covers against a potential damages or injury claim that could otherwise put you out of business.

Your products

Don’t lose out to ‘Health and Safety’. Whether you make food, furniture or fishing rods, anyone who believes themselves injured or damaged by your products could claim against you. It is therefore essential to take out a Products Insurance policy that is tailored to your goods and the risks they may pose.

You

Every business is unique. Whether you teach music from home, run your own pub or head up an accountancy firm, your operation will carry its own special risks. It’s important to identify what these are and take out adequate and relevant cover for the way your business operates.

A landlord, for example, will need specialist landlord insurance that, among other things, covers damage or non-payment of rent. Someone producing goods at home, on the other hand, may need cover for theft of business money or products at home or in transit.

Whatever your trade, always keep up with the changes. As your company adapts or expands, so your business insurance should be updated to cover it.