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Your home-based business is most likely not adequately insured

Work from home mom.resize

Successful small businesses and start-ups are driving this country’s economy. Not only do these entrepreneurs support themselves, they are creating jobs and contributing to South Africa’s GDP.  What’s more, if you were to ask a group of entrepreneurs they are likely to unanimously say that the professional risk is worth the reward; most believe that they make more money, faster, starting their own business than working for someone else.


 Insurance admin you you can’t afford to slack on


With increasingly more entrepreneurs seeking to maximise their operating profits in economically challenging times, working from home has become the norm. In fact, entire neighbourhoods are known for being especially suited to work-from-home professionals and their lifestyle requirements.

Taking stockWorking from home, cellphone

Are you an aspiring entrepreneur? Do you work out of your home? Do you store the equipment or products that generate your income in your home? Then you need to re-evaluate your insurance cover and make sure that your business is covered, all the while making sure your running costs are kept low enough.

What you shouldn’t do is assume that your house content insurance sufficiently covers your business equipment and products. This isn’t the case because, generally speaking, home insurance does not cover anything that is used to generate an income.

It is therefore vital that work-from-home small business owners undergo a shift in mind set and recognise the importance of keeping certain aspects, such as business insurance, formal; even if you work in your PJs until noon, and answer emails from your couch.

The aspects of your business not covered by your existing home insuranceMan working from home messy desk

  • Fire
  • Buildings combined
  • Business interruptions
  • Accounts receivable
  • Theft
  • Money
  • Glass
  • Fidelity
  • Goods in transit
  • Business all risk
  • Accidental damage
  • Public and employer’s liability insurance
  • Stated benefits and group personal accident
  • Motor
  • Electronic equipment
  • Motor traders: Internal insurance
  • Motor traders: External insurance
  • Machinery breakdown
  • Machinery breakdown: Deterioration of stock
  • Machinery breakdown: Business interruption

Your first step should be to make contact with a qualified broker who can adequately assess your business risk and provide you with the kind of solution you need to keep your overheads as low as possible while you’re busy building your legacy and creating wealth.


The content of this article first appeared on King Price Insurance

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