Insure Your Home Business
With the recent economic crisis, it makes a lot of sense that more and more people are opening up and running businesses from their homes. It is common-place for individuals to run play groups, cut hair, run IT programming businesses or do books from home. It is best therefore to ensure that your business has the correct cover to avoid any unpleasant surprises.
If your business is one where you keep stock, most personal insurance policies cover the stock for businesses that are run from your residence. This is optional cover and is not automatically covered under the house contents insurance cover.
There is, however, a limit to the amount that products are covered for; the amount usually is in the region of R20 000. This is always for a single event, though. The cover is only for the stock that is at your residence and falls under the specific risk written on the schedule. These could include fire and theft.
It is advisable to do your homework thoroughly as insurance companies have their own rules and regulations for businesses that are run from home.
An excellent example is when individuals and business owners make educational toys and clothing from home to sell, and they could even include catering, baking, plastic wares and fashion jewellery.
Running a home-based business is an excellent idea as the overheads are reasonably low; ensure that you go about running your enterprise correctly right from the outset, and ensure that the business is covered sufficiently by your insurance company.