Home Staging Business Insurance

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Home Staging Business Insurance 

       

      

Insurance for your Home Staging Business

     

Also see Course Module 6 Business - Section 1.16 for more detailed information on other Insurance options for your Business.

               

What is public liability insurance?

    

Public liability insurance is an essential cover for most types of business.  Any business that has visitors to its premises or involves work on client sites needs public liability insurance. It's especially important for Home Staging Business customers to be sure that your business services have the right insurance cover.

     

This type of insurance would cover a business if a customer or member of the public was to suffer a loss or injury as a result of its business activities and if that person made a claim for compensation. The insurance would cover the compensation payment plus any legal expenses. 

   

Public Liability insurance is tailored to the business services, staff and experience for which the individual policy applies.  You will need to ensure that your policy will protect you against injury caused to third parties, such as your customers or members of the public. If you do any hands on work in your home staging business such as putting pictures up it will need to cover you against damage to third party property and cover legal defence costs for alleged negligence and compensation should your business be found to be at fault.

    

Why is public liability cover a good thing for customers?

  

Even when a home staging business does everything right there is always the chance of an accident happening. With the right insurance cover, a business can operate knowing that should the worst happen, their customers' property could be repaired, their possessions replaced and their medical costs paid for.

  

What is covered in a public liability claim?

 

Policies are tailored to the individual business however as a guide, the insurance covers a business's legal liability to pay damages to members of the public for death and injury or damage to property or possessions, which has resulted from the business's activities.

    

Requesting a Quote

     

When requesting a quotation for Public liability insurance it's important to state your business services clearly and the level of hands on work that you personally undertake. 

   

The policy will not cover manual work such as your damage to pipes by hammering a nail into a wall for a picture unless you have properly identified this as a risk you wish to cover within your policy.  

   

Online quotes usually ask for details of your years of experience in the home staging business services, numbers of staff to be covered etc. However due to the varied work covered in "interior design" or "home staging" you are likely to need a personal conversation with the broker or agent to detail your requirements. 

    

Public liability Insurance costs for Interior Design is often less than for Home Staging. This is because the Insurers would expect Home Staging services to be more hands on than Interior Design; so do ensure that you identify your services as "Interior Design with Installation".

     

What is not covered?

   

As a home staging sole trader business you are likely to be covered by name personally. A home staging Limited Company will usually have the name of the Company covered by the policy, however policy fees will reflect the number of people covered. 

    

Trades or contractors which you involve in the project will NOT be covered by your policy unless you set this requirement so you need to be sure that they have Public liability insurance cover in their own name. 

 

If you use subcontractors and contract a trade in (i.e. you pay them directly rather than the customer paying them) then you are responsible for their work and errors and insured liability.

      

If you regularly refer or recommend a Contractor who contracts directly with the customer then it's worth checking that their insurance documentation is accurate and up to date. 

     

Other types of insurance you may wish your home staging business to have:

   

Employers' Liability Insurance - 

  

If you employ staff you must take out Employers' Liability Insurance by law. This cover is designed to protect the interests of employees in terms of illness or accident at work.

  

Professional Indemnity Insurance - 

  

This enables a company to meet the cost of claims against them for any of the following:

  

Any negligent act, error or omission.

Implied Statutory Terms (e.g. Sale of Goods Act 1979).

Unintentional Infringement of Intellectual Property Rights.

Loss of Documents/Data entrusted to the insured.

Unintentional libel, slander, defamation.

Unintentional breach of confidence, confidential duty or misuse of information

    

What's the difference between Public liability Insurance and Professional Indemnity Insurance?

  

Don't mistake Public Liability Insurance for Professional Indemnity Insurance. Neither is a legal requirement but PL is essential for peace of mind. It covers accidental damage whereas Professional indemnity insurance (PI) covers supplying the wrong information and professional errors. 

  

Employers liability insurance is a legal requirement if you have employees.

    

For Quotes for Business Insurance check the following:

    

www.williamrogersinsurance.co.uk

     

www.sharerchapman.co.uk

     

www.simplybusiness.co.uk 

    

www.towergateinsurance.co.uk 

      

These Companies act as a broker or intermediary to help customers find the best policy for their needs, and act as a middle man between you and the Insurance providers, so they find a suitable product and add on a commission. The quote may vary depending on the added commission and terms, so do compare the terms of the policy and Insurance provider. 

    

Why not also seek a quote from a local High Street Insurance Broker?  The advantage of a local broker is is a more personal service, including any necessary changes to your policy details mid-term and an office to go to discuss the details. They can be just as competitive as the online options. It's definitely worth shopping about to compare quotes - but do compare the terms of the Insurance carefully. 

      

Other useful Insurance links

       

The Financial Services Authority 

- is the regulator of the financial services industry in the UK. 

www.fsa.gov.uk
  
The British Insurance Brokers Association -

is the UK's leading general insurance intermediary organisation for business and commercial, car and motor, home insurance.

www.biba.org.uk

  

Always seek the advice of a competent financial advisor with any questions you may have regarding a financial matter.