If you become self-employed and work from home, your various insurers will need to know about it and - depending on the level of your business activity - you may need to top up your cover.
By Sarah Jagger
4Homes Essentials
Property Search
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Building And Contents Insurance
If you work from home and it's just you, your computer, a phone and endless bits of paper then you're existing buildings and contents insurance should be enough to cover you. But it's worth checking your policy and the amount you are insured for especially if you have bought new equipment - some insurers automatically cover up to £5,000 of home office equipment. You could need a separate policy for more valuable items, and items that are particularly vulnerable to theft, such as laptops.
Compare home insurance policies at Moneysupermarket or Moneyfacts.
If you are planning to use your car for business, you should tell your car insurer but be prepared to pay a slightly higher premium. Compare car insurance quotes at Moneyfacts.
If you have recently become self-employed and have not told your insurers, they may refuse to pay any claims you make under the insurance policies you have. If you have insurance against loss of income, such as loan payment protection insurance or permanent health insurance which pay out if you are made redundant or become ill, you should check that the cover is still appropriate to your working circumstances.
You might also need to consider buying special business insurance for your particular trading needs, for instance if you hold stock or often send goods in transit (ie, on their way to a customer, or to a sub-contractor, in your own or someone else's vehicle, or sent by post).
Public liability insurance is not compulsory but is advisable if you have people visit your home. It covers you if a member of the public sues you for damage because they were injured at your business address or damaged their property in the course of your work.
If your work involves giving advice rather than making or designing something, professional indemnity insurance covers you for claims made against you where a client has incurred some financial loss as a result of your bad advice, fraud or negligence. This insurance will be relevant to freelance consultants, translators and complementary health practitioners.
If you employ staff, you must have employer's liability insurance for everyone on the payroll. This covers you for claims that might arise if an employee suffered physical injury or illness in the course of, or resulting from, his or her unemployment.
For further information on what types of insurance you should consider for a business visit the ABI's Business Information Zone.
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