Home Based Small Business Insurance Options

It’s not only big corporations that require business insurance.  Even the smallest of home-based businesses face risks and should be protected.

If you are like many Australians who have now made the lifestyle choice of working from home, you need to protect your business assets and activities in addition to your home and contents.

There are some types of small business insurance that a home based business should have. Here at the top ones to consider:

1.  Liability Insurance: 

Every business should have liability insurance regardless of the size and scope as it provides cover for both legal defence and damages if you, your employees or your products or services cause or allegedly cause injury or property damage to a third party.

2.  Asset Protection including Fire, Burglary & Money Insurance:

In some cases, a home and contents insurance policy may offer some cover of your home-based business equipment such as computers and office furniture, however this cover is limited and a separate policy specifically for your business assets should be considered.  Unlike home and contents insurance, Business Insurance is broken into sections such as Fire Insurance, Burglary Insurance and Money Insurance.

3.  Business Interruption Insurance:

If your business is unable to operate due to an insured event eg. a fire which destroys your business equipment, Business Interruption Insurance can help keep the money coming in to pay bills and wages.

4.  Commercial Vehicle Insurance:

If you use your vehicle for the collection or delivery of goods, carriage of tools or other business purposes, you may need to insure it under a Commercial Vehicle Policy.  

5.  Worker’s Compensation Insurance:

This kind of insurance is to cover you for damages from employees who are injured on the job. It provides wage reimbursement and medical benefits to those who are injured while working. It is compulsory to have this cover if you employ people in Australia, except in some circumstances where the worker is in domestic employ or the amount of remuneration is below a certain threshhold.

The team at Professional Insurance Brokers can help you determine your small business insurance needs.  Call 1300 PROFIN (1300 776 346) and our staff will help you get a better deal for your small business insurance.