Protect your boys toys

In a recent survey it was estimated that there were 70 million mobile phones, in the Uk. More than one phone for every member of the population. This figure is staggering in its self, but then consider the replacement value, which is in excess of £500 billion pounds. Makes your eyes water.
We have dipped into our pockets, or swiped our cards, to find another £75 billion for all the other gadgets we have in our homes.
So how does that affect you, you may ask. Well the problem comes when thieves steal your precious boys toys.
If you are in business, then there is every chance you have used your Limited Company to purchase these items, or a camera or laptop etc..
Many people assume that their Home Insurance Policy will automatically provide cover for these items, however the problem arises when, the Insurance Company, request a copy of the purchase receipt, and then find it was bought by the Limited Company, and may well decline to pay your claim, as they do not insure the Company or its possessions.
One of the main principles of insurance is that you must show that you have an insurable interest in the item that has been stolen or destroyed. If your Limited Company purchased the item,then they own the property, not you.
The same applies in reverse, if you purchase an item in your own name and wish to claim for the item under the Insurance, of your Limited Company, then you could have a problem trying to convince the Insurance Company that the item should have been covered by your business insurance.
Not only should you always insure your precious kit, for a sum that represents the new replacement cost, and not its second hand value, but also make sure that the original purchase receipt, that you would have to produce in the event of a loss, is in the correct name. If the item is insured under your home insurance, then the purchase receipt should be in your name. If it is to be insured in the Limited Company name, then the receipt should be in the name of the Company.
Also do not fall into the trap of thinking that your home insurance will cover an item of kit that you use for your professional work. Items covered under a Home Insurance are supposed to be used for your private use, not professional use, and many a claim has been turned out, when it was found that the lost item was being used for business use.
If you are in any doubt about the matter, then discuss with your Insurance Brokers, or Insurance Company and they should be able to give you the advice you need, to protect your boys toys.