A HouseBeautiful Home Business. Emma Jones
The good news is that the coalition government announced on 1 November 2010 that social landlords should review any contracts prohibiting people from running a business from home.
Q: Do I need to inform my mortgage provider?
A: Yes, it’s best to let them know – even though it shouldn’t mean any change in the mortgage repayment.
Q: What about my insurance provider? Do they need to know?
A: Yes, do inform your insurance company. Tell them about the equipment and stock you have at home. An upgrade from domestic to a business policy is not usually expensive so don’t be put off in making this call. Your insurance provider is likely to recommend that you also take out public liability insurance in case anyone who comes to visit suffers an injury in or around your home office. See the next section for details of the type of insurance you may need.
Q: Do I need protection for when customers and contacts come to visit?
A: Yes, carry out a health and safety check, which is easy to do by following the steps set out by the Health and Safety Executive in their homeworking guide (PDF available at www.hse.gov.uk/pubns/indg226.pdf).
Q: Should I tell the neighbours?
A: Yes. When working from home it’s worth keeping your neighbours sweet and firmly on side. You don’t want them getting annoyed by any deliveries or unusual distractions. If that’s a risk, tell them about your business, always give advance warnings, and don’t be slow to ask them to business parties and events to thank them for their patience.
Get insured
There are different categories of insurance which you need to know about to secure the policy that’s right for you. The main ones are:
Professional indemnity – relevant to businesses offering services and knowledge and provides protection if you receive a claim alleging a negligent act, error or omission committed by you in the course of the conduct of your professional business.
Public liability – advisable to have if clients are visiting your home office and/or you are supplying goods to consumers. This will protect you in the event of potential injury to business visitors and/or damages arising from the supply or sale of goods which have caused injury to a third party or their property. Public liability insurance is also needed if you plan to sell your wares at markets or events. Many organisers will ask to see this before granting you a stall.
Business interruption – covers your potential loss of revenue following a material damage loss.
Employer’s liability – only applies when you have employees and offers protection in the event of death or injury to them sustained in the course of their employment.
Motor insurance – This is different to standard car insurance, which does not include business use. If you have a vehicle dedicated for business use to carry stock and/or products, you should buy motor insurance or get a business extension on your car insurance policy when using your existing car for business travel.
Home insurance – You are likely to already have a home insurance policy but this will generally not cover business activities carried out at home or business equipment within the home. Speak to your insurance provider and upgrade to a business policy. This is not usually costly but it will ensure you’re protected.
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