There is no doubt that there are many benefits to running a business from home – things like lower overheads, flexibility, convenience and of course, easy access to the chocolate stash in the pantry, but with all these benefits come other considerations that need to be addressed.
People who run a business from home NEED to advise their home & contents insurance provider that they are operating a business from home and confirm they are still covered. Why you wonder? Because quite often, and in particular with many direct insurers, there will be exclusions in the policy wording (Product Disclosure Statements) on the provision of cover if the house is also being used to run a business from. This could well mean that should it arise that you need to make a claim and during the claim process your insurer identifies you were running a business from home, they could deny the claim all together. Additionally, business owners also need to realise that under most home & contents policies, their business stock and or equipment is most likely not covered under the policy. If you find yourself in this situation after contacting your insurer never fear! Contact an Insurance Broker! Insurance Brokers have a wide range of solutions and they will be able to find one that suits your needs. We negotiate coverage options with underwriters & insurers and we even have access to policies and providers that are just not available for purchase to the end consumer without purchasing through a broker. You want to know the BEST bit though about using a qualified, professional insurance broker? They put YOU first, your needs, your circumstances AND if you ever need to make a claim on your insurance policy, a good broker will be there to assist you, to action the claim for you and to follow it through to resolution.
No matter how big or small your business is, you should make sure that you have in place the RIGHT kind of insurance to protect yourself from potentially very costly claims. Public & Product Liability are crucial and possibly also Professional Indemnity & Cyber Insurance, depending on the type of business you operate. _ Stay tuned for further details on each of these topics