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Research published recently has shown that a huge proportion of ‘homepreneurs’ are risking the future of their businesses because they don’t have the right insurance policy. The study concentrated on small businesses which operate out of the home. It found that a significant number of owners wrongly believed that they were fully covered under their home insurance policy. Even more staggeringly, two-fifths of respondents reported that they did not have any insurance at all! Not having proper business insurance is effectively playing dice with disaster and could cost home-businesses massively if anything goes wrong.

Do I need business insurance for my home business?

There is a lot of uncertainty about insurance, particularly when a place is operating both as a home and a business. So we have tried our right to clear up some points of confusion below. Top of the list is business assets. These can vary widely depending on the business you operate, so it is important to examine your insurance policy carefully. Many home contents policies will cover you for things like office equipment. But there are lots of things that will not be included, meaning lots of potential costs should something get damaged or stolen. While standard home insurance policies usually cover things like computers, they will probably not cover any stock stored at home. This should be concerning if you have lots of high value items at home, or even if you occasionally bring some expensive assets home overnight. The effects of a fire or flood at your home can be devastating, but they will be felt even more sharply if you operate a business from home and are forced to temporarily shut down. Business insurance can offer owners peace of mind by covering lost earnings in the event of an insurable event. This means that you can start to rebuild your home and business with one less thing to worry about.

Don’t gamble with business insurance

One of the most important aspects of business insurance policies is public liability cover; this is absolutely crucial if you ever have clients visit your home in a business capacity. If you do not have this kind of cover, and a client gets injured or has their property damaged while at your home then the costs can be astronomical. Many small business owners believe that they are simply too small to take out public liability insurance, but the size of a business has absolutely no bearing on the size of the liability. This means that, if something does go wrong, costs could run into the hundreds of thousands and potentially bankrupt a home-business. Businesses should not gamble when the stakes are this high. Here at Utility Helpline we have helped many small businesses find an insurance policy that is tailor made for them. No business is too small for our trusty advisers! Call one of them today on 0800 043 0423.