Home Based Business Insurance

Home Based Business Insurance Considerations

RBS CoverPlus

Insurance considerations to make when starting a home based business

Starting your own business can be extremely liberating, especially if you get to work from home! Research has shown that 43% of all start-ups are home-based. But how does your home‑based business influence your insurance premium? Below is a checklist of considerations we think you should make when setting up your home based business.

  1. Give as much information as possible. The more we know, the better we can cover you and in this way you reduce the risk of a claim being rejected.
  2. Talk to your RBS insurance broker about the difference between home contents and commercial insurance and which would be better for you.
  3. Ask your RBS broker about the “specific equipment” that needs to be covered and if they provide cover for it. An example of this would be providing cover for a laser cutter or special oven.
  4. Ask if your software and data will be covered and how this will be affected based on the type of policy you choose.
  5. If you employ other people at your premises, you will need to consider workman’s compensation.
  6. Do you have customers or suppliers visiting your property? If yes, personal liability cover can protect you in the event of someone getting injured on your property.
  7. Check with your broker if you are properly covered against natural disasters such as lightning, fire, floods, etc. Furthermore, ensure that you are covered against malicious damage, theft and burglaries.
  8. If you manufacture products, we advise looking into product liability.

Running a home-based business carry similar risks as any other business. If you are thinking about starting your business from home, speak to your RBS broker and ensure that you are getting the correct cover for your business needs.