As a home-based business you need to make sure you have the correct level of insurance to protect yourself. One of the most common mistakes made by home-based business operators is to assume that home and contents insurance covers their business risk - in many cases it doesn't.
Insurances to consider are:
Public liability cover for persons visiting your business at home (e.g. customers and suppliers)
Workers compensation for any employees working from your home
Fire, storm and theft cover for the loss of any stock and equipment
Professional indemnity insurance if you're in a service industry, especially if you're contracting to government
Personal accident or illness
Costs arising from interruption to your business
Marine policy if you send products via freight carriers or post.
It's important to note that many policies don't cover tools of trade, office furniture or computer equipment used for your business, unless you've specifically advised your insurer and they've agreed to cover you.
More information...See our insurance topic for more general information about insurance.
What to do...- Compare insurance companies and brokers - search our directory for links to insurance and broker associations, or check the phone book.
- Contact your industry association or professional body to find out if they can help - search our directory for a link to your industry association.
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