In an ideal world, the perfect job would allow you to choose how much you’re paid; provide flexible working hours, enable online meetings and, of course, never require you to sit in traffic.
Seem far-fetched? Not quite… If you choose to work in the comfort of your own home, running your own business.
Many well-known companies started at home. Because, let’s face it, when you’re still starting out, you can’t afford a hefty rent bill… You try to save costs anywhere possible in order to keep your business afloat. And, with the pressures of paying all your bills, suppliers, and staff (if you have any yet), it’s easy to mize paying for things that could actually help you in case of emergency.
However, this is understandable. All you need is a little guidance to help you make the right decisions, especially when it comes to insurance. (Which really is 1 of those things that could help in case of an emergency!)
Wynand van Vuuren, head of legal and claims at King Price shares 5 questions, and answering them will help you find the ideal insurance for your home business needs:
- Am I a home office or a home business? Whether you only use a certain portion of your house as your office space or you actually have a team working from your house, establish what you are and notify your insurance company so that you can get advice on the cover options available to you.
- Do I have enough cover to rebuild my home from the ground up? This is a good question to ask yourself whether your run your business from your home or not. Your buildings insurance should always provide enough cover to rebuild your home and replace your home’s fittings in their entirety. Only insuring your home for the amount you may still owe on your bond, or not keeping the value of your cover current with the value of your property, is risky.
- Do I have cover in case of a natural disaster? Nothing is impossible, so always leave some room for those moments when Mother Nature decides to remind us who’s boss.
- What are the most common claims in my area? Don’t be afraid to ask your insurer what claims come up frequently in your area, so you know for sure that you’ll be covered. Like, if your area is prone to flooding, make sure you’re covered for that.
- How can I cover myself against risks and claims? Should I be considering any additional specific insurance for my business? From the day an entrepreneur starts a business, they are exposed to certain risks. Even before the first employee is hired, it’s important to have the right insurance in place. Additional insurance that you could consider could be:
- Business interruption/loss of revenue insurance: This will protect your revenue if your business is unable to operate.
- Liability insurance: This is necessary, no matter how small your business. It protects you if you, your employees or your products or services cause or are alleged to have caused injury or damage to a third party.
- Cyber insurance: This protects your business’ computer systems, software and data, and also protects you against liability arising from cyberattacks on these assets. King Price cybersure includes cover for cyber liability and cybercrime, data breach expenses, damage to computer systems and data, associated loss of income, and more. Having cybersure also means you’ll have pros in your corner after a cyberattack, to help clean up the mess.
Running a home-based business is an exciting prospect, so don’t jeopardise it by overlooking the value of insurance. To ensure you get started on the right foot and prosper going forward, insure your business risks and then jump in. Believe in yourself… Great things lie right around the corner.
