Protectiong your workplace if you are a home based business

The first insurance that you need to look at is public liability insurance, which covers the business for any injuries or damage to other people or possessions that may be caused by the business or the business activities.  This is even more important if you have visitors for to your home workplace.

By law, all businesses employing staff are required to have workers compensation insurance.  You should also look at business insurance packages covering areas such as burglary, fire, loss of profits, tax audits and equipment breakdown, as well as professional indemnity insurance.

If you have home and contents insurance you should also notify your home and contents insurance provider that you are running a business from home.  This will help avoid any complications in the future in the event of a claim.  However you should not assume that your home and contents insurance provider will cover you for your business activities under their policy - you need to confirm this with them, and they should note if on your policy.

If you are running a business from home and you are not sure if your current policy provides you with cover for your business activities, please contact our office and we can discuss this with you.

Information in this article is an extract of an article which appeared in the Sydney Morning Herald on May 9, 2012, by Christopher Niesche.