Home Business Insurance

Depending on the type of business, your insurance coverage may need to be updated

If you have recently started a business that you run from your home, you should check to be sure that you are covered by different kinds of insurance. The level of insurance will depend on the type of business you run. You may need to increase your coverage under some circumstances. In other cases, just notifying your insurance carrier of the change is sufficient.

If your home business consists of just you and your computer, your existing home insurance should cover you sufficiently. However, you should tell your insurance company of the change and check the coverage limits. Most insurance companies cover up to £5,000 of home office equipment. You may also want to take out a separate policy for more valuable items such as laptops, which are vulnerable to theft. If your car will be involved in the business, be sure to tell your car insurer and be prepared to pay a higher premium.

If you have insurance that pays out when you become sick or injured, such as permanent health insurance or loan payment protection, be sure to notify them of your change in income. Insurance against loss of income does not always cover self-employment. You may have to take out new policies for your particular trading needs. This is especially true if you hold an inventory in merchandise, send goods in transit or send merchandise through the postal service.

Public liability insurance may be something to consider if you will have customers visiting your home. This insurance covers you if they or their property are injured or damaged in the course of your work. Similarly, employer’s liability insurance covers you for claims that might arise if you hire anyone as an employee in your home business.

Professional indemnity insurance is coverage you should consider against claims of financial loss. Complementary health practitioners, translators and freelance consultants generally take out this type of insurance against claims of negligence or fraud.

About CoulsonPritchard.uk.com

Coulson Pritchard (http://www.coulsonpritchard.uk.com) has an in-depth understanding (over 30 years) of the everyday pressures and concerns that face freelancers and contractors. We are able to offer tailored policies to the professions we insure, providing peace of mind in today’s marketplace.

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Website: http://www.coulsonpritchard.uk.com