Home insurance may not cover homeworkers adequately

Mon, 19 May 2008

Lloyds TSB Insurance is warning Britain’s growing number of home-based workforce to ensure that they have adequate insurance cover .

Figures from the Office for National Statistics reveal that more than three million people, or 11 per cent of the UK’s workforce, are now based at home. Around 60 per cent of these are self-employed, which indicates a strong rise in the number of home-based start-ups.

Phil Loney, managing director of Lloyds TSB insurance, said that with the growth in popularity of home-based companies, it is vital that small business owners understand fully what they should be covered for and the type of insurance they need.

The leading insurance provider is also extending its warning to those working from home for office-based SMEs .

"If workers are unsure of their policy, they should check with their insurance company . A regular home insurance policy may not cover for various work materials and computers," added Mr Loney.
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