According to figures from Lloyds TSB Business Insurance, around 5.9 million UK businesses are operated from a home, that's 27% more in the last year than the previous year.
IT consultancies are the most common home-based business, as well as healthcare (physiotherapy, homneopathy or counselling), construction, teaching and management consultancies.
The study found that nearly 50% of people set up their own company because they wanted to be their own boss.
The head of commercial business insurance at Lloyds TSB Insurance, Stuart Curtis, said: "The number of enterprising people opting to turn their home into their business hub is set to increase over the next year as the recession continues to bite."
According to the research, around 60% of people run their business on their own and just over one third with their spouse or partner.
Graham Hearsey of specialist insurance broker Professional Insurance Agents comments: "These figures come as no surprise as we ourselves have seen an increase in the number of request for business insurance quotes from home based businesses over the past year. It is important for these businesses to ensure they have adequate business insurance cover, the most important being professional indemnity insurance as well as public liability insurance. In some cases, particulary if there is an office at the home a good office insurance policy should also be considered."
Monday, 6 June 2011
Thursday, 2 June 2011
Locals Say Cost of Quinn Administration is Scandalous
Locals in the border counties of Ireland say the huge cost of the Quinn Insurance administration and the downfall of the business since it was taken from the Quinn family are the real scandal at the centre of the Quinn story.
When the Quinn Insurance company went into administration more than a year ago it appeared to have excess assets of around €300m. Now, though, it has a €600m blackhole that will be paid for by a levy on insurance policies. Premiums have fallen to less than €700m this year from more than €1bn previously.
Michael McAteer, of administrators Grant Thornton said "We didn't run it into the ground, but no company ever runs well in administration,
"Having the words 'under administration' under your name when you're selling insurance is not very sales and marketing friendly."
Mr McAteer went on to say that the €600m black hole was the result of inadequate cash set aside for insurance policies written before the company went into administration - a problem that wasn't apparent until actuaries went through the books.
When the Quinn Insurance company went into administration more than a year ago it appeared to have excess assets of around €300m. Now, though, it has a €600m blackhole that will be paid for by a levy on insurance policies. Premiums have fallen to less than €700m this year from more than €1bn previously.
Michael McAteer, of administrators Grant Thornton said "We didn't run it into the ground, but no company ever runs well in administration,
"Having the words 'under administration' under your name when you're selling insurance is not very sales and marketing friendly."
Mr McAteer went on to say that the €600m black hole was the result of inadequate cash set aside for insurance policies written before the company went into administration - a problem that wasn't apparent until actuaries went through the books.
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