DegreeDiary

Working From Home - Are You Covered?

With advancements in technology and many people becoming self-employed, it’s now commonplace to find companies based in the business owner’s home. This sounds great in theory especially if you're a graduate with a great home-based business idea, but what about insurance in the event of problems?

Insurance

Most people have standard home insurance but this might not cover you while you are working from home depending upon what you do; domestic home insurance usually only covers ‘administration’ duties. It might be worth supplementing your standard contents cover by adding an ‘all-risks’ element to your policy for business equipment. This type of policy would also cover loss or damage when business items are removed from home; laptops for example.

Work-related equipment

Always keep receipts as proof of purchase when you’re buying new equipment to use at home which is business-related and be honest about how much the items cost when you inform your insurance provider that you want them included in your all-risks policy. If you under-insure your things to try and save money on premiums, you won’t receive their full value in the event that they are damaged or stolen and you have to make a claim. Over-insure and you will just be wasting your money by paying more for your cover than you need to; you will only be paid the real value of the items should you claim.

Visitors

If you have work-related visitors to your house, you should also consider Public Liability Insurance. This isn’t compulsory but it does protect you from any loss or damage which could result in the event of a claim against you made by anyone visiting your home in connection with your business. This policy would also cover you for any legal fees and other expenses that may be incurred in the defence of a claim.

If you regularly have members of staff working for you in your home, you will need to have Employer’s Liability Insurance and this is a legal requirement. Don’t forget too that if you use your car to travel for business-related appointments, you will need to have it covered for business use.

If you run your business from home and you’re unsure about what cover you need, a quick telephone call or email to your home insurance provider is all you need to clarify things. Before you sign on the dotted line always make sure that you know exactly what the policy will cover, how much it will cost, what the excess amount is and is legal cover contained in the policy terms.

In conclusion

Working from home certainly has many advantages, but it doesn’t come without a degree of responsibility. As you can see though, it’s well worth making the effort to have everything adequately and legally covered, leaving you free to concentrate on growing your business and making a success of it.

Alison Page

About Alison Page

Alison is a small business owner, freelance writer, author and dressage judge. She has degrees in Equine Science and Business Studies. Read her full story at http://www.theladywriter.co.uk

Alison Page

Top Posts | Business

Tips For A Great First Impression

The job market today is very competitive and dressing for a positive impression is very important. You need to show the employer that you take the position seriously or you are wasting their time and your own. Everything counts from your hair to your shoes. The Reality of Percept ...

How to Write a Working Business Plan

A business plan is a document created to help the owners of the business outline how they intend to operate their day to day business activities. It is a business guide and communication tool. It tells investors, bankers and sponsors how resources can be put into a business. A business p ...

Thinking of the Market for Your Products

Customers are your market. Think about what problem they are facing. Find the solution to that problem and make it your business idea. The reason why customers pay you is for a solution to their problem, not because you have to something to sell but because you are solving their main problem. ...

4 Essentials Branding Steps For Your Start-up

Branding can be difficult sometimes, because there is a lot of time and money invested into it. If you have a proper plan, it can be done effectively. In this post, I am going to discuss some essential branding steps that are extremely important for start-ups. RESEARCH ...

How to Survive as an Exchange Student in Austria

Spending some of your student life as a foreign exchange student is probably just about the best thing you can do as far as your CV is concerned, and Austria is a wonderful choice of a destination.  Being removed from your familiar environment will broaden your horizons and will help you ... ...

3 Tips to Mastering Networking Skills

Every business requires the right kind of networking as it is an important part in its success. Networking does not simply mean exchanging business cards or sending a few emails; it stands for much more than that. Building a network with everyone is not easy but you can master the skill by fo ...

10 Workplace Secrets For New Graduates

Fresh graduates who have just landed in their first professional job may experience utter confusion and nervousness. This new environment will be entirely different from their university classroom. Meeting different people, learning about your new job and understanding the dynamics of a new w ...

5 Master Tips For Your Next Business Presentation

In this corporate world, presentations have become an integral part of routine office life. From discussing the highlights of the day to demonstrating the sales of a new product, you'll be required to have extraordinary presentation skills. A successful presentation is not just about crea ... ...

3 Steps to SEO Success

Many business owners think that they cannot compete in this world that is full of technology and brands. But that’s not the only important criterion. There are various factors that are responsible for a successful business organization to perform well. SEO [search engine optimizer] is o ... ...

Dress Code in the Business World

In addition to your qualifications and skills, employers consciously or unconsciously evaluate your appearance, because they want to see the representative of their company in you. You might not think that's not fair, but things just work like that. The first impression is very important, ... ...