Home Business Start Up Should Seek Insurance
Advice
 Home Business Start Up Operators often find it difficult to afford Insurance;
however it is a very necessary expense and you should seek insurance advice. It is a decision you should make
before commencing a business – can you afford insurance? Can you afford to lose everything? Because if you
can’t afford insurance – then you should re-consider commencing a home business start up.
One claim against you or one major loss could put you out of business and perhaps cause you to lose your home
too. Is it worth it? It is much more sensible to get insurance advice right form the start. This is part of your
Risk Management procedures and should be very carefully considered.
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No
Cost
If you ever do have to make a claim, or if a special offer comes on the market for a better
Insurance, you don’t want to spend ages trying to track down your policy to check out its details.
How much easier to have a summary of what insurance is in place, on one Log.
You can access your FREE Template
creating an Insurance Log here
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The one insurance that is often neglected is Professional Indemnity. Home business start up operators often
think that if they have a disclaimer that a client signs, this will suffice. But that is not necessarily the case.
When the client depends on what you say and takes action based on what you have said, then you can be liable if
that information on which they relied was wrong, regardless of what a disclaimer says.
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Case
Study
Case Study of Insurance Advice saving a home business start up.
Carrie Robins completed a NEIS course (Australian Government funded course on how to start up
and run a business). She started up a business making colourful, decorative papier mache bowls. She
leased a warehouse and fully outfitted it with shelving, desk, computer, generator etc. The door to
the building was made of heavy metal and had two heavy padlocks.
However, within 12 months her warehouse was broken into and everything of value stolen and all
her stock (some hundreds of pieces) were smashed. Luckily Corrie was fully insured and everything
was replaced. If she had not been, this episode would have put her out of business.
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Tip
A tip for home business start up re insurance advice.
Make a list of the cost of everything you have put in place for your
business then look at the cost of insurance. If the latter is too large, then be prepared to lose
everything and ‘take it on the chin’ because that is the risk you were prepared to take.
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Low
Cost
This book will give you in-depth knowledge and discusses in
detail such things as Business Insurance.
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