Indemnity Insurance Sole Trader What You Know About Indemnity Insurance Sole Trader And What You Don’t Know About Indemnity Insurance Sole Trader

LONDON, January 21, 2013 /PRNewswire/ —



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As the cardinal of bodies who assignment from home continues to rise, statistics from AXA Business Allowance advance that the majority of the 5.4million[2] homeworkers in the UK are, apparently unknowingly, operating after the allowance awning they charge and over bisected are potentially breaking the law in the process.

According to analysis from AXA, 16% (over 850,000) of homeworkers apply one or added bodies yet alone 3% (around 150,000) accept employer’s accountability insurance[3].  Meanwhile aloof 14% (approx 750,000) of homeworkers surveyed say they accept business car allowance yet 66% (over three and a bisected million) use their cars for business purposes[4].  In both instances this would beggarly they are operating illegally.

And abreast from the acknowledged requirements of insuring yourself if you assignment at home, AXA is additionally admonishing bodies to be acquainted that they should acquaint their home capacity provider if they are alive from home or they could accident abandoning their policy.



For the 10% of homeworkers who accommodated audience in their home, or the 30% who appointment clients’ premises, AXA advises that accessible accountability allowance should be advised to assure adjoin any accidents.  Meanwhile, alone 8% accept able apology allowance to awning themselves for acknowledged accountability in the accident of accouterment barter with poor advice.

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One in four homeworkers accepted they were putting their businesses at accident through apathy their allowance needs as they would not apperceive how to armamentarium any shortcomings if they bare to accomplish a affirmation and had bereft cover.

Darrell Sansom, Managing Director of AXA Business Insurance, said: “The cardinal of bodies alive from home has developed by over 20%[5] in the aftermost ten years or so but our analysis shows that these bodies booty a added airy appearance on allowance than those alive from business premises.  We acknowledge that about there is no ambition to breach the law and that allowance is possibly not top of the antecedence account for abounding people.  However, it is actually basic that homeworkers analysis what they charge to be covered for and, at the actual least, accommodated acknowledged requirements. We would additionally acerb acclaim that bodies accede what added awning they charge to assure what is, in abounding cases, their livelihoods.”

Insurances to accede for a home-based business:

Employers’ liability

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Although 84 per cent of the respondents had aloof one employee, this allowance is still mandatory, depending on how the business has been set up.

Motor insurance

If you use your car for business, again you charge to acknowledge this and alter your car allowance to awning business usage.  Your clandestine motor insurer may able-bodied be able to action the awning you need, or you can buy a specific business allowance policy.

Contents insurance

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If alive from home, alike for a allocation of the alive week, you charge acknowledge this to your insurer. You could invalidate your home allowance action if you do not admonish them.

Buildings insurance

Consider accumulation awning for your home and home office.

Public liability

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If you go to clients’ premises, or they appear to you, again you should accede this.

Professional indemnity

This is important awning for abounding as it pays out for claims of apathy or poor admonition – advantage and acknowledged defence costs can be actual expensive.

Product liability

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If your business involves bartering articles to the public, you will charge this awning to assure you for claims adjoin abrasion or accident from your goods. This generally comes with accessible accountability insurance.

Goods in transit

This will awning you for articles or added items you accelerate to customers.  If you are application a specialist carrier, they may accept a assertive bulk of allowance in abode already but consistently analysis this, decidedly for admired items.

Notes to Editors

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About the survey

The analysis was conducted by AXA on the Enterprise Nation website in October. There were about 250 respondents answering questions via an online form, in businesses alignment from accountants and administration consultants to those in the artistic industry.

About AXA Business Insurance

AXA is one of the better accepted insurers in the UK and underwrites a ample ambit of articles for individuals and businesses. AXA Business Allowance offers business allowance for sole traders, the self-employed and baby businesses through its website http://business.axainsurance.com and is advised to accomplish affairs allowance fast, secure, acceptable and easy-to-use. Baby businesses can accept Accessible Liability, Employers’ Accountability and Able Apology allowance and can clothier awning to their own requirements.

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About AXA

About AXA

AXA UK is a allotment of the AXA Group. The AXA Group is a common baton in allowance and asset management, with 163,000 advisers confined 101 actor audience in 57 countries. In 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS Underlying Earnings to Euro 3.9 billion. AXA had Euro 1,065 billion in assets beneath administration as of December 31, 2011.

In the UK AXA operates through a cardinal of business units including: AXA Wealth; AXA Commercial Lines and Personal Intermediary, AXA Personal Direct and Partnerships, AXA PPP healthcare, AXA Ireland and an absolute administration business Bluefin. AXA employs over 12,000 agents in the UK.

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The AXA accustomed allotment is listed on alcove A of Euronext Paris beneath the ticker attribute CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Allotment is additionally quoted on the OTC QX belvedere beneath the ticker attribute AXAHY.

The AXA Group is included in the capital all-embracing SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD, and is a founding affiliate of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.

1. AXA analysis agitated out amid 250 homeworkers in October 2012

2. Figures from Enterprise Nation

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3. Employers’ accountability is a acknowledged requirement, unless advisers are actual ancestors associates when, although not obligatory, it is recommended

4. Business motor allowance can be bought as allotment of a clandestine action or as a standalone product. Potentially some of those researched accept bought the awning they crave through their clandestine allowance but the analysis appear that, alike if they do, they are blind of accepting done so

5. ONS data

SOURCE AXA Business Insurance

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Last Updated: January 1st, 2019 by admin
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