Home Based Business Insurance

With the boom of the internet, more and more home based businesses are popping up all over Australia

. While there is money to be made, many home based business owners forget the importance of insurance. While you may have home and contents insurance, that may not cover all of the goods that you use for running your business. Here is a simple guide to what kind of home based business items you may need to be covered for.

Electronics

There arent many businesses these days that dont have a computer. Computers are not only expensive, but more often than not, hold irreplaceable information about your business. This can include account and bookkeeping information, client contact details, documents, intellectual property and a number of other pieces of data that keep your business humming along. What would happen if this computer was stolen or destroyed in a fire? Would it be covered by your contents insurance? Or does it need to be added? Many other pieces of expensive equipment could also fall into that bracket items like photocopiers, printers, fax machines and even broadband modems. Many of these items may not be covered in your current insurance policy as they might not be deemed normal household contents.

Furniture

If you have a full office set up in your home, these pieces can also add up to a small fortune. Chairs, desks, filing cabinets and all its contents could run into the thousands to be replaced, so to be sure, you may need to take out additional insurance that covers a home based business.

Goods for Sale

Many business owners that make their money over the internet often have to store all of the items they have for sale in their own home. If you are indeed one of these business owners, take a look around at your goods and tally up just how much is sitting there. If all of that was to be stolen, how much would it cost to have it replaced? No doubt, quite a lot. This is where home based business insurance comes into the mix. It is unlikely that your contents insurance would actually cover these items, so taking home based business insurance out is a very wise move.

Liability

Do you have clients or customers coming around to visit you at your home office? If they happen to hurt themselves, by tripping over a cord, or falling down your front steps, would you be covered for their medical expenses, should they wish to sue you? It may sound like a case of that would never happen to me, but in reality, it very well could.

If you have your home set up as a place of business, there is no reason why you shouldnt be insured like a business too. After all, it just makes good business sense, doesnt it?

by: Amyes Vales

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