Having a child really impacts your life and can make you view your professional commitments differently. When you enjoy being at home and have a talent or a hobby which you could exploit to earn income, becoming a mompreneur can give you the best of both worlds. While staying at home cooking dinner and reciting Julia Donaldson from memory nurtures our maternal instincts, many intellectual mothers dream of combining this with a mentally stimulating occupation.
Making the Jump to Self Employment
Plus, the current economic climate has made getting a new job very difficult. Mothers who left their positions during maternity are now finding it hard to get back into employment, and the selection of opportunities with flexible hours is dwindling.
Consider your talents. Are you a great writer? Perhaps you’re a budding photographer? Maybe you’re even an outstanding baker? Use your talents and use your motivation to mould yourself an enterprise to suit your cerebral needs as well as your emotional yearnings and parental commitment. With absolute dedication and ambition, you really can have the best of both worlds.
When you have a family to consider it is extremely important to insure your business against all eventualities. While your organizational skills and business drive may suggest that your subjection to liability is minimal, if you are caught out it could mean huge financial implications for your whole family. Business insurance UK quotes are affordable and will protect you and your family from any mishaps which may occur during your self-employment. There are various types of insurance available, and searching for business insurance UK specific tailored packages online will ensure you get the most suitable cover for your line of work.
Public liability insurance is not a compulsory insurance, but taking out the cover is a wise business decision. Although the purpose of the insurance connotes to public events, public liability insurance covers any claims made against you should your business cause any injury to the public. It also protects you should you damage any property while you are out of the home, on business.
Preparing for the Unexpected
Accidentally spilling a drink onto electronic equipment is simply a mishap, however in the current ‘claim climate’ it would not be uncommon for you to receive a notice of liability for any damage. When small errors occur, being faced with a large bill can be a big blow to your books, especially within your first year of operating. Despite the stress surrounding the issue, public liability insurance will give you peace of mind, knowing that all of your legal fees are covered as well as any required compensation pay outs.
Running a successful company is thrilling but strenuous, and you may find that accepting help off another pair of hands can really take the strain off. Whether you employ team members or you accept voluntary help from another mum, friends or family, you are required by law to invest in employee liability insurance. And, although we’d like to think that friends and family wouldn’t try to sue us in the case of an unfortunate event, in a worst case scenario they would be perfectly entitled to claim against you and your business.
Employer liability insurance covers you against any work-related illness or injury that your workforce may encounter. Typically employers are required to take out a minimum of £5 million in cover, which will pay out for legal fees and any compensation due. However highly you regard your staff and however well they are treated, accidents do occur and claims are made. The Health and Safety Executive (HSE) for 2010/11 confirmed that there had been over 200,000 reportable injuries that had occurred or been induced by work activity.
Public liability insurance and employer liability insurance protect you against claims made if a claim is presented against your company for damage, illness or injury, but there are instances when industrial accidents take place outside of these criteria. Professional Indemnity Insurance will cover you against any claims based on the grounds of dishonesty, negligence, defamation and any situations surrounding loss of property and infringement of copyright.
Wanting the best for your children is the very reason you will set up your business from home. Not insuring that occupational adventure leaves you, your business and your family vulnerable to any negative situations which may occur. Look at business insurance UK cover and consider how it could benefit your business if the worst did happen.