Home Business Insurance
You have decided to follow your instincts and become self-employed. You have invested time and money to make your dream come true. After several weeks of preparations, you finally run your business, from home! You have notified your customers, your suppliers, you have thought of everything, almost everything. Did you call your insurance broker to let him know about this change?
With professional Home Business Insurance, your business is well assured!
Thanks to Arkwright Insurance Brokers extensive experience, their staff has developed an expertise that allows them to advise you and make proposals suited to your situation. They offer policies that meet your expectations, whatever the nature of your home business, with a range of products that covers all angles, as shown in the list below.
- My home business and me
- My home business and me – Manufacturer
- Self-employed and home-based businesses
- My company and me
Your business is unique, and we believe that when it comes time to insure it, you must or maybe need to be able to count on the right protections. This is precisely what professional Home Business Insurance offer with Intact Assurance’s extensive protection of My Business and Me. their solutions have the flexibility to adapt to the size of your home Business, its structure, and its industry.
See your business without fear of the worst thanks to the extended protections of my business and me. In addition to the basic insurance coverage usually sought by business owners (property, buildings, liability), it notably puts at your fingertips:
- Protection against covering repair or replacement costs.
- Protection covering consequences of legal provisions and all your active information media.
- A set of protections specifically for your needs.
Remember: A home insurance policy does not cover a business whilst working from home!
At Arkwright, we offer specialised policies for home businesses Insurance, which may include outbuildings used as an office!
Be aware that in the event of a claim, failure to declare your professional activities to the insurer could invalidate the claim. What do we mean by professional activities? Any activity which is subject to remuneration and which is exercised on a continuous or regular basis, in particular business, trade or profession.
If you are a hairdresser, an accountant, an interior decorator and a few evenings a week, you can accommodate your customers by receiving them at home to offer personalised service; you must notify your broker. It will ensure that your dream is well assured if a glitch should arrive.
First of all, it should be understood that the home business insurance contract is divided into two parts. The first part: property insurance. This includes contract guarantees, risks covered, excluded property, general exclusions and settlement terms. The second part deals with civil liability. The presence of a home-based business can have a significant impact on each of these sections.
This part covers your residential building, its outbuildings, and your movable property. It also covers additional living expenses or the rental value of your home and the dwelling units that are part of it, in the event of a covered loss.
What is very important when talking about home business is the very movable warranty covering your content. Certain categories of goods are subject to limitations, such as books, tools, instruments, clothing, and merchandise relating to professional activities. In the situation of a loss, you must be aware that the insurance will not pay more than the limit mentioned in the contract.
If you have to move and bring these goods with you, the limitation could be even lower. Make sure that the amount of the limitations is adequate to cover the real value of the professional property you own.
The home insurance contract also includes several general exclusions, among other things, the professional activities known to the insured but not declared. In summary, your insurer may refuse to compensate you or reduce the amount of the indemnity if it is not aware of the presence of your business, even if the claim is not related to it, this. Goods found at fairs or exhibitions for exhibition or sale are also excluded from your insurance contract.
Home Business Insurance Quote for the UK
The details of home office insurance policies will vary depending on the circumstances, which is why we insist on learning all the facts before we can produce a quote. Our insurance for home business includes the cover that is often excluded from ordinary small business insurance policies.
Third party liability
This part covers you against claims that third parties may present to you as a result of personal injury or property unintentionally caused by your privacy or insured premises. It also covers the voluntary reimbursement of medical and funeral expenses and the voluntary settlement of property damage.
In the definition of professional activities, it is mentioned that we cover the consequences of the use by you of a part of your residential building or its dependencies for your professional activities. However, it is stated, once again, that the professional activity must be mentioned to the insurer.
For example, if a client gets hurt at your home, a lawsuit could be triggered. Not having declared your business to your broker, the insurer may refuse to represent you.
Depending on the kind of business that you operate, we can advise you. You do not necessarily need a business insurance policy to cover your assets and activities related to your work. This will depend on the dimension or perhaps the size of the business and the insurer’s acceptance or your insurance needs.
You do not have a lot of property, for example, you only do bookkeeping for clients? You are not immune to it. You will be able to be prosecuted for errors and omissions, all insurable via a professional liability insurance policy.
In addition to the basic warranties, the follows can also be included based on your insurer;
- Protection against the breakdown of production machinery
- Electronic, electrical, mechanical and pressure equipment
- Loss of perishable products
- A guarantee against crime
Since you now understand the risks of not notifying your broker when you change your building, do not take a chance, call your broker. As an owner of a manufacturing company, your daily reality differs from that of other entrepreneurs. Professional Home Business Insurance brokers akin to Arkwright Insurance Brokers understand the challenges you face, and they are going to help you raise them in the peace of mind by offering you more protection, better adapted to your home business.