Largely how Home Insurance will treat a property that you run a business from will depend on the nature of the business. If for example you are running a graphic design on marketing business from your home you likely wont incur any additonal premiums; although it is still worth mentioning to your insurer. However if you are running a client facing business and have custoemr enter your property then you will need to make sure your insurer knows.
You will likely face higher premiums due to the need to add public liability insurance to your porerty in order to protect yourself from potential legal issues if someone were to get hurt and fall. You will also be dealing with an increased risk factor of something happening to the property due to the increased volume of people passsing through.
Make sure you are legally covered.
Public liability cover means that you can claim on the legal expenses should someone blame you in the event of an injury.
Employers liability is a must have if you have anyone else working from your home. Not having this opens you to erious legal and financial troubles.
Cover for profit loss alows you to keep your cashflow stable if your property becomes unusable for an insurable reason.
Malicious damages cover protects damage caused intentionally by others.
If you operate your own business from home there is a good chance that it is worth looking at this cover. In particular if you have employees or customers enter your property, or if you keep stock on your premises it is essential. Without the proper cover you are opening yourself to significant legal and financial risks that you don't need to take.
Frequently Asked Questions
Typically no.If you are just working remotely you shouldn't need to seek a specific mixed use policy for your home. Usually you will be using company property that will be covered by the company and the increased risk to your home is negligible if any.
.Even with a mixed use policy you should consider a seperate policy for other business related risks. Your Home Policy will only cover problems that concern the property. Liability issues not relating to the property or supply chain problems can still be problems you will need to consider.
You will be covered for a degree of stock loss or damage to important equipment on your property. However it is worth reveiwing this closely and making sure that you have enough cover to ensure continued cash flow. It might be worth looking at a sperate policy on your stock.
