Insurance

Hi,

wonder if anyone can help - I had an office until around a few months back, for which I had insurance for.

I have now given this up and work from home/out on site, but my insurance is up for renewal - I understand I'll need to retain employers liability as my wife does some admin, and that I need to retain profesional indemnity.

but wondering if I need to retain some kind of business buildings insurance for my assets ? as I'm wondering that perhaps home contents provide for this - but unsure about the rules for business assets, and also the public liability - I would generally meet clients away from the house in a more business enviroment, so I'm wondering if I need that also.

At the moment I am on short contracts but looking to eventually take more direct clients on.

I understand the best thing is to talk to the insurance companies as it's their job - but wondering that they might insist I take up all sorts of things - just wondering what's actually needed from a independant view before I go back to them to adjust.

Thanks for looking

[northernladuk]

Hi,

wonder if anyone can help - I had an office until around a few months back, for which I had insurance for.

I have now given this up and work from home/out on site, but my insurance is up for renewal - I understand I'll need to retain employers liability as my wife does some admin, and that I need to retain profesional indemnity.

but wondering if I need to retain some kind of business buildings insurance for my assets ? as I'm wondering that perhaps home contents provide for this - but unsure about the rules for business assets, and also the public liability - I would generally meet clients away from the house in a more business enviroment, so I'm wondering if I need that also.

At the moment I am on short contracts but looking to eventually take more direct clients on.

I understand the best thing is to talk to the insurance companies as it's their job - but wondering that they might insist I take up all sorts of things - just wondering what's actually needed from a independant view before I go back to them to adjust.

Thanks for looking

Highlighted a bit for you to help.....

[jmo21]

but wondering that they might insist I take up all sorts of things - just wondering what's actually needed from a independant view before I go back to them to adjust.

Highlighting a bit for NLUK to stop him being such a knob!

[northernladuk]

Highlighting a bit for NLUK to stop him being such a knob!

You are too kind good sir.

but bearing in mind he doesn't know what his current insurance covers it would still be good advice to tell the OP to go speak to his insurer first to find out what the current situation is. He also hasn't been very clear on what his assets are. It could be his company laptop, it could be a large server so hard for us to comment usefully. Get PI/PL from QDOS for peanuts so that is taken care of and then find out what his home insurance covers and then he will know if he has an issue so has need to ask this question. When it comes to insurance the devil is most certainly in the details... which we don't have.

[jmo21]

You are too kind good sir.

but bearing in mind he doesn't know what his current insurance covers it would still be good advice to tell the OP to go speak to his insurer first to find out what the current situation is. He also hasn't been very clear on what his assets are. It could be his company laptop, it could be a large server so hard for us to comment usefully. Get PI/PL from QDOS for peanuts so that is taken care of and then find out what his home insurance covers and then he will know if he has an issue so has need to ask this question. When it comes to insurance the devil is most certainly in the details... which we don't have.

You're still a knob!

[northernladuk]

You're still a knob!

That point is without doubt or argument lol...

[mro]

Hi,

Apologies if I wasn't fully clear;

My assets are probably quite minimal - at home I have a couple of small servers (more like fancy NAS boxes) for files & backup, few monitors etc, bits and bobs of inexpensive networking kit.

The rest is really minimal - I now am down to using one decent machine, a laptop, Ipad so that's all I really take outside of the house. Just me and a bag basically.

I am going to ring the insurers definitely (hiscox at the moment), need to sort it out, was just wondering about other peoples setup so I was armed with some info before ringing them.

Thanks for all your help, I got got a comprehensive message off a fellow forum user too, so it's all helpful.

Cheers

Owen

[rd409]

Hi,

Apologies if I wasn't fully clear;

My assets are probably quite minimal - at home I have a couple of small servers (more like fancy NAS boxes) for files & backup, few monitors etc, bits and bobs of inexpensive networking kit.

The rest is really minimal - I now am down to using one decent machine, a laptop, Ipad so that's all I really take outside of the house. Just me and a bag basically.

I am going to ring the insurers definitely (hiscox at the moment), need to sort it out, was just wondering about other peoples setup so I was armed with some info before ringing them.

Thanks for all your help, I got got a comprehensive message off a fellow forum user too, so it's all helpful.

Cheers

Owen

Whatever that minimal asset is; is it in Company's name or your personal name? Does your home insurance cover non-personal assets or just personal? Make sure all your assets are covered by your home insurance before you switch off the business insurance.
My personal experience suggest, that increasing home insurance cover would probably be cheaper in your case, but again I am not an expert in this cases, so the get the quotes for home insurance and then speak to the business insurance provider.

[northernladuk]

Are you using the term 'asset' as in bought by the company or is it being accounted for as an asset? It has been mentioned you could get away with expensing stuff up to £1k in the past. If that was the case the actual ownership kinda disappears of the radar so should the worst happen it becomes an item of equipment in your house. The actual ownership would be quite difficult to prove? Just saying like......

[mro]

Whatever that minimal asset is; is it in Company's name or your personal name? Does your home insurance cover non-personal assets or just personal? Make sure all your assets are covered by your home insurance before you switch off the business insurance.
My personal experience suggest, that increasing home insurance cover would probably be cheaper in your case, but again I am not an expert in this cases, so the get the quotes for home insurance and then speak to the business insurance provider.

Thanks very much, I'll be giving them a ring tommorow

Cheers