Starting a home business is an attractive prospect for lot of mums looking to make extra money or forge a new career – and all with the flexibility needed to still raise a family.
But in the excitement of it all, have you stopped to check if your home insurance covers your home business?
It can be easy to think that you don’t need to buy an additional insurance policy on top of your current policy, but you may be leaving yourself open for a nasty shock should the worst happen.
What home insurance doesn’t cover
Regardless of what type of business you run from home, your home insurance policy does not cover certain risks. For example, if you use special equipment to make things, or your computer is stolen, it may not be covered under your homeowners insurance policy because business equipment is exempt from domestic insurance coverage. If you run a nanny agency from home or a consultancy and hold a meeting at home and someone is at your house for business purposes and gets injured, your homeowners insurance may not pay for the damages, since the person was there for business reasons.
Why business owner’s insurance cover pays off
When you run a business from home, you should look into a business owner’s policy so that you have the right cover for your equipment and other potential problems mentioned before. This will mean you and your business are protected from a plethora of dangers.
Business owners policy will not only protect you against any damage or loss of business equipment, but will also provide you with general business liability insurance, which can protect you from having to pay damages if someone is injured while on they are your home.
If you are injured while at work you may wish to learn more about making a work accident compensation claim. You can visit www.theaccidentsatworksite.com to get more information.
Other things your need to cover
Besides a business owners policy and workers compensation, you may also need to buy some additional types of coverage. For example, if you have a company car or multiple cars, you need the right car insurance policy – or a different policy in your business name.
