subject: Is Demand for Employers' Liability Insurance Changing? [print this page] Statistics have shown that as unemployment spirals, some 2.1 million businesses are now operating at home; with this number rising substantially as time goes on. Three in five companies established on a weekly basis will not be operated from an office, equating to over 1,400 start-ups a week that are using this effective way to reduce overheads.
Some home insurance policies that offer comprehensive cover include a clause that enables you to benefit from the ability to telework' at home. There are some catches to this, particularly for those who have extra resources and equipment stored on their property. Because having valuable equipment could place you at an increased risk of being burgled, and because of how you are still liable for your business' output, complacency and reliance on existing policies is a mistake you don't want to make.
There have been some changes to the way that policies are being offered to home businesses, reflecting the demand that's seen in the current market. You want all eventualities to be covered, and arranging public liability insurance will ensure that even a casual visit to your place of work by a client won't result in a costly claim if something goes wrong.
You should remember that employers' liability insurance won't just cover injury to any employees that you have in their workplace. What if they were to become ill and unable to receive an income? Your insurance policy ensures that payouts can be made that protect them financially until they are able to work again.
Just because you are working from home, it doesn't mean that you won't require professional indemnity insurance, as you are still running a business irrespective of location. As a result, you should remember that breaching existing copyright laws, not fulfilling contracts, general negligence or a dispute with a contractor or client could result in you being personally accountable without this type of policy to cover you.
Seeking advice before purchasing an insurance policy is wise as a home business has the potential to affect your other insurance policies. For example, car insurance is something that could be affected, particularly if you have an accident while you are on a business call. Scrutinising all of your policies and ensuring they are compatible with your requirements will prevent a costly mistake, and ensure that your business will get off to a flying start. In the current economic climate, this peace of mind is invaluable.
Is Demand for Employers' Liability Insurance Changing?
By: Chris Jameson
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