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It might not seem it during these hard economic times, but self employed people are special – and as such they need to make sure they have special insurance.

The problem is self-employed workers who do not work in their residential home importance of purchasing dedicated self employed insurance but many people who work in home offices do not realise that the cover applies to them as well – it doesn't matter where you are self employed, all self employed people need to get special cover.

Cornhill Direct warns that people working in home offices could find themselves out of pocket if they do not take out the right insurance – for example home-based workers may need to take out 'public liability insurance' if they ever invite customers or business contacts into their home on official business. Or they may need to take out specific income protection should they lose their stream of earnings for a short period. If something did happen then a self employed person without the right insurance may find themselves a huge bill, which could put their self employed mortgage at risk.

Mark Bishop of Cornhill says: "Home workers do need to consider the insurance implications because equipment used for commercial purposes may not be adequately covered or covered at all by a standard home insurance policy, particularly if removed from the home."

If you thought that your regular off-the-shelf insurance would be good enough to cover you if you work from home, you could be catastrophically mistaken. Talk to a self employed finance specialist about taking out the right protection that will make sure that your venture is covered.

SOURCE: Cornhill Direct, 21/04/10

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