Help! Advice needed on cost reduction on Homeworker insurance

mariaR_3

Both my husband and I are self employed and work from home. I have a joint problem which has meant that I have quite a lot of equipment, such as a computer and voice activated package to help me work. We therefore have a reasonable amount of equipment in the flat where we live.

The reason I am posting a request for help is that for purely contents insurance in a two bedroomed flat we pay £500 per year. This seems extremely expensive for the amount the insurers are covering. When I asked our broker to look for another quote he said that was the only company to do such cover.

Can anyone tell us of insurers who do Homeworker cover? Also have you any other tips on how to reduce the cost of our cover?

Thanks

dunstonh

Many normal household policies will cover work from home equipment, to some degree, providing there are no business visitors to the house. If there are business visitors to the house, then you are stuck with a commercial policy. You would need to speak with an whole of market general insurance advisor who can do commercial insurance. Since the introduction of the new rules earlier this year, this has reduced the number of advisors able to do commercial insurance (or willing to do it). It could be that your broker doesnt do full commerical insurance and has just one policy that is able to cover you available through him.

mariaR_3

Thanks for your advice. Could you tell me how we could find this type of insurance advisor?

dunstonh

not sure that there would be a good online resource of commercial brokers as its not an area with "off the shelf" insurance is really suitable.

Take a look at http://www.unbiased.co.uk/ type in your postcode and click search. Then click general insurance and small business (in the pull down menu that appears) and then search again. It should limit the search to only those that can transact commercial business.

payless

Obviously not knowing you circumstaces - some domestic policies also cover "business equipment" ( but not usually other items of your trade nor stock)- the business visitor rule may not always be as harsh- ie so long as your home is not open to general public, and you accept that theft or damage by your visitors would not be covered

dunstonh

Can you let us know what sort of business is conducted at home and what sort of equipment there is?

mariaR_3

Thanks for your advice.

We have more equipment than could be covered under a normal policy because I have equipment to help me work due to a joint condition I've got and my husband is a designer so has a lot of computer equipment.

We do have people enter the flat because I work as a coach and counsellor but I have two other insurance poliicies to cover for this. This is why the insurance situation is becoming very expensive for us.

dunstonh

Computer equipment for business use is easy to get covered under a household policy. Although a bedroom rated style policy may not be suitable when there are lots of it.

The sticking point for you would be the home visits. You say you have those covered but would that be just the liability side? You may well find a homeworker style policy that covers the liability and house is the cheapest option overall.

Certainly, based on what you have said, a general insurance advisor dealing in commercial insurance would be the best option for you.