Inform Your Insurer You Are Running a Business from Home
Inform Your Insurer That You Are Running a Home Business
If you do not let your insurance broker know that you are operating your business from your residential premises, you stand the chance of not being paid out if you incur any losses or damages.
If you have a fire or are burgled, and the insurer was not informed that you run your operation from home, the chances are you will not be paid out for your claim.
Insurance companies insist that everything is declared right up-front any information that might affect the risk. This way the insurer can decide if they do or do not accept the risks and terms by giving you cover for your business.
If you run the kind of business where there are many vehicles that come and go to and from your premises, the insurance company might decide right from the outset that your insurance might be too risky and decide not to cover you, the client, if a theft occurs. The only way that you would then be covered if a theft occurs is if you could prove forced entry to your premises.
Therefore, for example, if you make wooden goods at your home and you use flammable materials, your insurance company has the right to turn you down on fire cover, unless you install preventative measure and improve on all the fire hazards in and around your premises.
If you need to take out this kind of cover, then enquire and find out from your insurance company what is needed in order to take out that particular type of cover.