Self Employment Insurances?

claire1973

I am going to become self employed working from home buying and selling electronics. Most of my business is Ebay based. I have the normal car and home insurances. Do I have to take out business insurance for home and car? The reason I ask is I would only ever have a small amount of stock at home, within days of it coming in, it is sold and sent out. Nobody collects from me everything is sent, hence no callers. I am only a small business, earning under the amount needed to start paying NI. The car is used for when I have to send a parcel.

Any help would be very appreciated, thanks.

Conor_3

You need to add business insurance to the car but Class A should be free on most policies. In reality, you'd probably get away with it as how is someone to prove you weren't going to the post office to post a private letter?
Public Liability is always worth it especially with electronics where the risk of fire and electrocution is there, no matter how slight. Never underestimate the idiocy of customers. Shouldn't be more than £100 or so.

payless

many standard Building & contents policies will include basic business equipment for home works.. (but not stock)

but check whether yours does .

You still need to keep records and regsiter with Inland rev , whilst your earning may be low you will likely find your turnover will mean fuller self assessment

claire1973

Thanks for your advice