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Insurance – it’s definitely not the most exciting part of starting a business. But you could save yourself a lot of stress and expense if you have the right insurance in place from the beginning. Here are the basics:
Home insurance
The home insurance you already have may cover your business at no extra cost, especially if your business is basically just a laptop. But it’s important that you give your insurance company a call to tell them that you’re running a business from home. Otherwise they may refuse to pay if you make a claim.
Check the terms and conditions of your mortgage too, as your mortgage provider may also need to know about your home-based business.
Motor insurance
If you’re using your car for your business, don’t forget to tell your motor insurance company. As for house insurance, not informing the insurer may make the policy invalid if you need to make a claim.
Adding business cover to your policy doesn’t usually cost much and it may even be free.
Liability Insurance
If you injure someone or damage their property and you are found to be at fault, you may need to pay damages. Liability insurance protects your business against these costs. Liability insurance isn’t just for big companies who have to cover themselves against employees falling off ladders. If you’re a cleaner you could stain a client’s carpet, for example. Even an IT consultant could find a client tripping over their laptop case!
If you have any tools that you use in your business, you may be also able to get these covered by your liability insurance.
Depending on your business, you may need more specialist insurance too. For example, if you have expensive stock in transit, you’ll probably want to insure that.
For more information on business insurance or for advice on how to find an insurer, check out the Business Link website.
Did you find this post useful? You might also like my free e-book Start a Home Business on A Shoestring – The Practical Stuff. You can download it for free when you sign up to my Start Up Tips Newsletter.
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