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Working from home: how to insure my stock?

Discussion in 'Legal, Insurance, Employment and Health & Safety' started by Lady-K, Nov 18, 2013.

  1. Lady-K

    Lady-K

    Joined:
    Nov 4, 2012
    Messages:
    63
    I started an eBay business this time last year working from home. Now my total number/value of stock is at a point where I feel it needs to be insured. My question is, is there any particular home insurance which will cover my buildings and contents for my home, including my business stock? Or would you recommend that the home insurance is separate and I find some sort of business insurance to cover my stock?

    Thanks in advance!
  2. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,364
    A lot of home insurance companies will hate the fact that you are running a business from home, espcially holding stock as they would see it as it making you a bigger target for thieves (some will not even insure your home separate from the stock on this basis), that said there are specialist companies out there who may be able to help such as http://www.thebusinessoctopus.co.uk/internet-traders-insurance that I have heard recommended (not used them myself though), all the best!
  3. Lady-K

    Lady-K

    Joined:
    Nov 4, 2012
    Messages:
    63
    Thanks for the info Gary. I did a few home insurance quotes last night and the only thing I had to state about my business was that the house is occupied most of the day due to business use. There were no further questions regarding my business, and I was surprised at the low quotes I received. I now the contents most likely wouldn't cover any stock though.

    I'll have a look at the link for that company and see what they do. Thanks again.
  4. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,364
    No worries, did you tell the insurers that you stored stock at home for business purposes as they may have just assumed you had a home office which is of course completely different
  5. Lady-K

    Lady-K

    Joined:
    Nov 4, 2012
    Messages:
    63
    There was a question asking if there is any business use at the property, the options were: no business use, clerical use only, other business use. I chose other business use, but there were no other questions regarding my business.
  6. Dean

    Dean

    Joined:
    May 22, 2008
    Messages:
    9,437
    Its the sort of thing they don't ask specific questions for but you can be sure they won't pay out for any stock if you haven't declared it before hand. Many won't even cover you at all if you admit to having stock at home and it could invalidate your whole policy if you don't declare it. This could lead to no payout whatsoever if your house burned down and could see being refused insurance which you then have to declare every time you take an insurance policy in the future (i.e. very expensive premiums!).

    Have a look at The Business Octopus website - they have a specific insurance policy for home based traders keeping stock at home and can also advise you of the home insurance companies that will cover the personal side of your house insurance.
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