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!

  

Latest News

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

read more

CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

read more