Home Based Businesses

Insurance for home-based businesses 

While working from home for many of us is quite enjoyable, if it is a home-based business. you need to be aware that an ordinary Householders may not pick up most of your risk. In fact, it may cover very little. You should make sure you have appropriate insurances in place to protect not only yourself but the future of your business.

Standard homeowner policies do not generally provide cover for many aspects of a home-based business. For instance, they may cover a home office up to a certain limit, but if you are holding stock, or building supplies used for a commercial project, your Householders policy will not respond to any loss or damage caused to it.

A standard Householders policy has a public liability section but will not cover someone who visits your home for the purpose of transacting business activities. Nor will it cover you if you visit a client’s premises and cause damage to their property or cause injury to them or their staff.

Insurances that all Home Based businesses need to consider are:

  • Public liability cover – protects you against claims for causing bodily injury or property damage to people visiting your business at home or if you visit them such as customers and suppliers.
  • Fire, Storm and Burglary cover plus other perils that could damage business equipment, inventory, tools of trade, office furniture or computer equipment. This can be while they remain in the home or if you take some of them with you to see clients.
  • Loss of income caused by an interruption to your business from such events
  • Workers compensation for any employees working from your home
  • loss of income due to personal accident or illness
  • marine policy if you send or receive products via freight carriers or post.

If you are a Professional person (providing services such as advice or treatment), you will need professional indemnity insurance. Then depending on the Profession, the policy may need to be specific to that profession such as Medical Malpractice for Allied Health Professionals or Defamation cover for writers or IT Liability Insurance for those involved in the Technology or Communication Industries.

If you are a Tradesman, the public liability cover will be geared to the Trade rather than simply a home office. But certain building trades may need blanket Construction Risk Insurance and Accidental Damage and Theft cover for Tools of Trade taken to sites. Further, your vehicle may be incorrectly classified for Private use and may not respond if it is Goods Carrying or used for a Business.

For people operating other types of businesses, you may need Machinery Breakdown cover or Electronic Equipment cover.

Certainly check with your Householder’s insurer about the extent of your current cover. Any advice should be in writing from them because in our experience, the Call Centre staff are very good at pacifying the client rather than tell them the truth. It is at claim time when a completely different set of staff interpret your policy very differently than what you thought they said on the phone. Proof or evidence kept with your insurance files are vital if not relying on an Insurance Broker.

In any case, utilise the services of an experience and well qualified Insurance Broker because they give Personal Advice and not just General Advice. Brokers can compare products when the direct insurers will not (because they refuse to give personal advice). It is also extra protection because Insurance Brokers do the buying for you and it is their duty to act in your best interests. In other words, to buy you the best cover at the best price.

So call a good one. Call CPR Insurance – experts who will save you!

  

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We are pleased to announce that once again Insurance Business Magazine has recognised Robert Cooper amongst the top Elite Insurance Brokers in Australia. See here

It is the fourth time in six years Robert has received this honour.

It is a great recognition for CPR Insurance Services who strive to provide the best possible standard of customer care and service to assist obtaining the best possible cover at the best possible price to meet the needs of for our clients.

Such awards are not possible without the outstanding support provided in the office by Julia, Aidan and Mandy, along with the fantastic support our clients continue to show to us. Thank you to all.

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CPR Insurance nominated for Brokerage of the Year

We are please to announce that CPR Insurance Services has been nominated as a finalist in the Brokerage of the Year (1 to 5 Brokers) for the inaugural Insurance Business Awards. 

A Black Tie Gala Dinner in Sydney on the 4th May 2018 will announce the winner, so fingers crossed.

CPR Insurance Services has been in existence for more than 7 years now and continue to grow and develop. It is thanks to our wonderful clients who appreciate us being part of their own businesses as their Risk and Insurance Advisers.

We continue to follow the simple philosophy of providing Expertise, best possible service and being there for our clients when they need us, such as at Claim time. We are here to save you.

Find out who made the cut here!

The Insurance Business Awards will bring together industry leaders to celebrate excellence in the insurance profession, recognising leading brokers, brokerage businesses, insurers and underwriting agencies in Australia for their contribution to the industry over the past 12 months.

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