Company asset insurance

[DSF70]

I’ve got a Business Policy through Hiscox. My phone and laptop are owned by the business, and because I need to take them out and about (phone went on holiday with me), then I needed worldwide cover. Policy is £14pm.

[Spoiler]

Yes, I have separate insurance. Like you, my home contents policy covers a certain amount of business equipment but it's quite limited. It's fine if all you've got is a few filing cabinets, a printer and a cheap laptop but if you've got a dedicated office with more expensive equipment and furniture owned by the business then IMO it's better for the company to pay for it's own policy. It also won't cover portable equipment.

If you want a good, cheap option, look at Direct Line for Business. I used them for several years - for less than £100/year they provided me with employers and public liability insurance and office contents insurance (not a vast sum, about £5k) which also included portable equipment cover (though sadly only a £500 limit on each mobile phone). I doubt you'll find better than this, price wise.

If you want something a bit more flexible then you'll need to shop around. I'm now with Hiscox, because they are one of the few insurers who would cover all of my contents inside my garden office (due to it's timber construction). I'm paying about £300/year now and again this covers everything I had before (slightly higher office contents cover now and no silly limits like £500 per phone).

Thanks, I'll take a look at both as options.I may just take a separate bike policy for now, and then look to get a EL/PL/contents policy when my current QDOS EL/PL expires.

[TheCyclingProgrammer]

Not if it's a business owned asset it isn't surely?

It's becoming more common, probably due to the increase in home working. Its limited and I suppose its generally intended to cover situations where employees bring company equipment home for a few days a week to work.

[TheCyclingProgrammer]

Now then ... I may need to take out insurance for a company asset - a bicycle. Started looking around at company contents insurance, but looks like it may be easier just to get a separate dedicated bike policy, ideally paid for by my Ltd.

Other assets (laptop, etc) are covered by home contents insurance, but that only covers bikes up to £3,500. I could increase that amount as an individual item on the home insurance, but would prefer not to have it itemised on our home policy, in case "others" see it.

Anyone here taken out a separate business contents/asset insurance ?

Yes, I have separate insurance. Like you, my home contents policy covers a certain amount of business equipment but it's quite limited. It's fine if all you've got is a few filing cabinets, a printer and a cheap laptop but if you've got a dedicated office with more expensive equipment and furniture owned by the business then IMO it's better for the company to pay for it's own policy. It also won't cover portable equipment.

If you want a good, cheap option, look at Direct Line for Business. I used them for several years - for less than £100/year they provided me with employers and public liability insurance and office contents insurance (not a vast sum, about £5k) which also included portable equipment cover (though sadly only a £500 limit on each mobile phone). I doubt you'll find better than this, price wise.

If you want something a bit more flexible then you'll need to shop around. I'm now with Hiscox, because they are one of the few insurers who would cover all of my contents inside my garden office (due to it's timber construction). I'm paying about £300/year now and again this covers everything I had before (slightly higher office contents cover now and no silly limits like £500 per phone).

[Spoiler]

Mine is wrapped up with my Public liability insurance.

Yep, I did see some companies offering that. I renewed with QDOS a few months back, who don't advertise contents cover as an option ...

[SueEllen]

Anyone here taken out a separate business contents/asset insurance ?

Mine is wrapped up with my Public liability insurance. I only took it out as I was doing some work in Europe so was definitely not covered.

In regards to bikes as they are frequently stolen especially expensive ones that are targeted, you are better of getting a separate bike policy.

[SueEllen]

Not if it's a business owned asset it isn't surely?

Some home insurers do cover between £5-£8K of business assets in your home office. However if you take any item away from home you may not be covered.

[northernladuk]

Now then ... I may need to take out insurance for a company asset - a bicycle. Started looking around at company contents insurance, but looks like it may be easier just to get a separate dedicated bike policy, ideally paid for by my Ltd.

Other assets (laptop, etc) are covered by home contents insurance, but that only covers bikes up to £3,500. I could increase that amount as an individual item on the home insurance, but would prefer not to have it itemised on our home policy, in case "others" see it.

Anyone here taken out a separate business contents/asset insurance ?

Not if it's a business owned asset it isn't surely?

[Spoiler]

Now then ... I may need to take out insurance for a company asset - a bicycle. Started looking around at company contents insurance, but looks like it may be easier just to get a separate dedicated bike policy, ideally paid for by my Ltd.

Other assets (laptop, etc) are covered by home contents insurance, but that only covers bikes up to £3,500. I could increase that amount as an individual item on the home insurance, but would prefer not to have it itemised on our home policy, in case "others" see it.

Anyone here taken out a separate business contents/asset insurance ?