So you have started a new business from home, it’s still small beginnings and you wonder to yourself: “What risks are involved that I would need business insurance if I am working from home and have no premises to worry about?”.

Whilst your revenue may be small, the answer to the question of whether your business would need insurance depends on whether you are able to self-insure (which is to pay out of your own pocket for any loss that may occur) or not.

If you’ve never really considered this, then have a look at the risk considerations that should be covered in an unforeseen event. There are many risks that businesses have to face, some can be avoided and others cannot, the kind of risks involved are often specific to the type of business being run.

These risks can include:

  • Theft and burglary
  • Vehicle damage (including car hire while you wait for repairs to be done)
  • Business interruption (business income insurance)
  • Damage to electronic equipment (cover for the reinstatement of lost data and computer software)
  • Fire which results in damage to the business premises
  • Personal accident cover (cover for individuals and employees at your business premises)
  • Liability losses (risks of liabilities imposed by lawsuits and similar claims)

Are you aware that some personal (home insurance) policies exclude cover for business activities? Remember that products or services are always at risk in terms of liability and that every business owner should consider cover in the event of third-party claims.

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