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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

What insurance do you need to work from home?

There are thousands of people running businesses from home, whether they work from a laptop, offer treatment or run a beauty salon. Lots of home workers enjoy the freedom of being their own boss under their own roof, with no rent to pay and no commuting.

But running a successful enterprise from home comes with certain risks, and in the event of an accidental flood, burglary or customer being injured on your premises, you need to have sufficient insurance cover in place.

We look at the types of insurance you will require with a home business.

Liability insurance

If something goes wrong while you're carrying out your business activity at home and someone suffers injury or loss as a result, you could be faced with a big lawsuit and be required to pay compensation, medical or legal expenses - which could run into thousands of pounds. There are two main types of liability insurance:

1) Employers' liability insurance

If you employ people as part of your home business, whether it is a start up, dental practice or salon, you will be required by law to have employers' liability insurance.

This cover protects staff who get injured, sick or damaged as a result of working for you. This could involve anything from falling off a ladder in the workplace to suffering emotional stress. Your liability insurance will pay compensation to the victim and cover other costs such as paid leave or medical bills.

2) Public liability insurance

This provides cover for any member of the public injured or compromised as a result of your business activity. So if people are coming into your home for work related purposes, this is something you will need to have. Examples of this include a customer slipping on your wet floor or being burned by one of your beauty therapy machines.

Although it is never your intention to cause harm to the individual, because the incident happens on your premises, you are held liable. Insurance will cover damages payable to the injured party.

Professional indemnity insurance

If you are giving advice or treatment from home, whether you are a dentist, therapist or financial adviser, professional indemnity is designed to protect you if your advice leads to suffering or loss of income for a client.

If the client believes that you were negligent and this could have been avoided, they have the right to sue you. So having professional indemnity, or PI as it is known, will help you pay towards legal fees, compensation and the time you have to take off work.

Combining policies with your home policy

Since you are working from home, you probably already have contents and buildings insurance in place under your home policy. So it might be worth seeing whether you can combine the two to save time and money.

Contents: This is to repair or replace any equipment that is lost, broken or stolen. Your home policy will typically cover your furniture, computers, mobile phones and TV screens.

From a business perspective, you may also have specialist equipment such as video or photography apparatus or machines used for cooking or retail purposes. If these machines are out of action, you will not be able to continue with your work and potentially lose income - so getting this covered is a must.

Buildings: Your home insurance will cover physical aspects of your home including walls, ceilings, lights, fittings, roofs and more. But if you have a room that you have turned into an office, you could potentially put this under your buildings insurance so that if there is a fire, flood or vandalism, your insurance will pay for any repairs or replacements.

Speak to your insurer about combining your home and work policy together - there are a few insurers like Be Wiser Business Insurance that can offer this.

Advertorial: © Be Wiser Business Insurance

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