If you operate your small business out of your home, you might think that you don’t need to worry about insurance. Many home business owners believe that their current home and contents insurance will keep them covered, but that’s not always the case. Here are some important insurance considerations if you run your business from home.
If you already have house insurance, let your insurance provider know that you are running your business from home. Some providers will continue to insure a home when it’s partly used for business purposes, but it does depend on the level of risk. They would need to know the type of business, whether clients come to your home, and the kind of materials you keep on the premises that could increase the risk of fire or theft.
Similarly, with your contents insurance you would need to disclose the assets that you use as part of your business. Contents insurance policies do tend to exclude items used for business purposes, but it will depend on what your policy includes. It’s best to check in with your broker or provider to make sure you’re covered where you need to be.
If you’re using your personal car for business reasons such as running work-related errands or meeting clients, you’ll need to have a commercial vehicle policy. Sit down with an insurance adviser to make sure your policy covers everything you need. The last thing you want is to face the costly consequences of an accident where repairs or loss of stock in the back seat won’t be covered.
It’s important to keep yourself protected in the event of any legal proceedings resulting from damage or injury. If you’re a hairdresser who used a product that a client had a severe reaction to, you might need to provide a refund and pay any medical bills. Similarly, if a client comes to visit you at your home and has a fall, you could be liable.
If you want to sit down and talk to an expert to make sure your home business is covered, get in touch with us today!