What You Need to Know about Insuring a Home-Based Business

In the face of increasingly expensive office spaces in the city, more and more entrepreneurs are turning to the home. Not only is this a much cheaper alternative, but thanks to modern technology it’s now possible for many types of small businesses to make it work. Instant messaging, video calls, and the ability to share documents quickly have made it much easier to work as a part of team all in remote locations. Despite this, though, its still necessary to ensure that you are insured against the risks of day-to-day operations. Read on to find out more.

Business insurance

Minimum Cover

While some home insurance providers also include protection for business owners based in the home, you are often limited to small claims. If you’ll be storing your inventory in your home or any expensive I.T. equipment, it’s worth seeking out specialist cover. Even a small start up can soon start to amass value running into tens of thousands of dollars. This is just one of the reasons why insurance is so important.

To ensure that your company is protected, the minimum cover you need is against property damage. This could affect anything from the structure of your home to the contents within it. If you employee any regular staff or even occasionally meet any business partners at your home, you should consider taking out public and employee liability cover. This can be used to help you pay for any legal fees that could occur if someone were to get injured, or worse, on your premises.

Additional Policies

A business owner’s policy will provide you with cover against both of these situations. This agreement will also provide you with some off-premises protection, such as liability cover for the products you sell or the services you provide. If your local area is prone to adverse weather conditions like flooding or storms, it may be necessary to take out additional insurance policies if you feel they could impact your business. Depending on your industry, there are also many additional types of cover that you may find useful. Catlin offers specialist cover in a range of fields, such as education, energy, and healthcare.

It’s important to consider the risks that might be specific to your location or industry. Considering all of the possible issues early on is the best possible way to ensure that your business is safe in the long run.

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