Providing Homeworker Insurance is something we know a lot about. Many years ago Prizm Solutions was founded as a business that began at home! We can provide bespoke insurance for any business operating from home throughout Staffordshire, the West Midlands and across the width and breadth of the United Kingdom.
Why One Size Fits All Is Not Appropriate for Homeworker Insurance
Every business operated from home by a homeworker is different and has different needs. So your Homeworker Insurance needs to reflect that an arts and craft designer or an accountant or an aromatherapist are all totally different. This is why we believe the ‘one policy fits all’ approach is so wrong and why we try to tailor an individual policy for your specific requirements. But don’t worry this can often make the policy less expensive as you are not paying for things you don’t need, and it is our mission to make sure you are properly insured for what your business does.
Regardless of what type of business you operate, an insurance policy usually has certain basic sections of cover which can be added to as necessary. For example; most businesses need to cover the things they own, their Assets against loss or damage; they’ll need to cover their Earnings if they can’t trade – and most importantly of all, they’ll need to cover their Liabilities in case someone gets hurt or something gets damaged.
A very brief guide to the basic sections of Homeworker Insurance
Property Insurance – can cover the Buildings (if they are yours) and/or Tenants Improvements (if you don’t own the bricks & mortar, you should insure whatever has been spent inside the business on the fabric of the building, so if you are a hairdresser the sinks would be an example) plus the Stock and the Fixtures and Fittings – usually against risks such as fire, storm, flood, theft, vandalism, impact plus less common risks such as earthquake, aircraft or lightning. This has to be tailored with your home insurance (if you have any) to make sure the policies fit together like a jigsaw puzzle and you’re not left with a gap in the middle where neither policy covers you!
Business Interruption (also known as Loss of Profits) – if something happens causing damage to your property, you can also cover yourself against the profits you lost because you couldn’t trade. This can also cover you losing profits if the electricity cable gets dug up or if the tourist attraction next to you goes up in flames or someone gets murdered inside your doorway overnight!
Money – in essence, theft of cash. Within reason. If you leave £100,000 in cash in the boot of your car or your handbag, don’t expect much empathy from your insurance company. This can also cover Assault, so it pays a small benefit if someone got injured during a robbery.
Glass – this is pretty obvious, and covers the cost of boarding up and replacing broken windows. It can also cover signage and sanitary fittings against damage.
Liability – the important one owing to the amount of money awarded in respect of successful claims. This section covers Employers Liability in case a member of staff or a volunteer gets hurt and decides to sue you; Public Liability in case someone who isn’t a member of staff gets hurt and sues you – for example a customer slipping on a wet floor or falling over a box and Products Liability which covers you should something you supply hurt somebody – for example you supply a work of art which has a sharp edge, cuts someone and they sue you! Big levels of cover are required for these kinds of eventualities as legal costs alone can be six figures, and let alone any payment to an injured person!
You can also add to the basic offering by including cover for Goods in Transit, Terrorism, Theft by Employees (also known as fraud), Frozen Food deterioration, Legal Expenses and even Loss of Liquor Licence – crucial cover if you operate a bar.
Most policies have a 24/7/365 claims reporting line as often sh*t happens out of office hours!
Homeworkers insurance is NOT compulsory but if something bad is going to happen, someone will have to pay for it and will this be you or your insurance company? Unexpected bad things will happen whether you are insured or not, but we would rather you were properly insured. So, please call us or email us for impartial expert advice on Homeworkers Insurance.
You Might Need To Prove You’ve Got Homeworkers Insurance
If you’ve got or want to apply for a business overdraft, mortgage or bank loan – it is very likely that you will be asked to show evidence that you are insured and your Homeworkers Insurance is up to date.
Owing to the times we live in and the litigious nature of our society it is more and more common for business owners of large or very small businesses to buy business insurance such as Homeworkers Insurance so they can rest easy knowing that if something was to happen they have the appropriate level of insurance.
When you make contact with us you will very quickly find that we don’t operate in the way that a great many brokers do. To the best of our knowledge we will always make sure you are properly insured and we won’t place your insurance with whomever is paying the best level of commission. To back this up in most instances we don’t take a commission at all from the insurance company. Instead we charge a set fee so everything is very ethical and transparent. This is the way we run our business and we are passionate about doing the right thing for the benefit of the client and never put profit first.
For a no obligation conversation about Homeworker Insurance or any other personal or business insurance matter we do hope that you will contact us.
Would you like a quote or to find out more?
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