Tag: Australia
Home based companies in Australia are emerging rapidly, with a million new businesses in recent years. These kind of businesses provide people the freedom to run their particular operations from their homes, operate in as much hours as they prefer, and offer new products and services to the community. Right after planning on the product design and the startup, it is essential that home-based companies protect themselves by getting business insurance. Every business is unique and must be examined carefully to find out its insurance specifications.
Those who are running a home based business should realize that homeowner policies in Australia do not normally provide cover for certain business activities. Consider the following types of cover and then decide whether they are applicable for the size and type of your business.
Computer equipment, home office furniture, specific tools for the business and the inventory will all need to be insured. Any one of these items could easily be damaged, lost or stolen, which can cost thousands of dollars to replace. Most businesses cannot afford to take such a loss while continuing to operate.
Suppliers and customers that come to the home to make deliveries or pick up purchases are often overlooked. To keep risks to a minimum, it is a good idea to buy public liability insurance in case of unforeseen accidents. Public liability insurance can protect the business owner from third party claims in case they run into an accident while transacting a business.
Of course, any business owner will go to great lengths to protect their business, but it is not easy to prevent theft, storm damage or fire. Cover insurance can protect valuable equipment and stock investments when the business owner cannot.
Employees working from home-based businesses in Australia are legally required to be covered by workers compensation. As small businesses grow and add employees, they too will need to be covered.
Business owners rarely anticipate problems directly affecting their revenue. Illness, accidents or equipment failure can all be factors impacting a loss of revenue, but can be insured to prevent additional financial risks to home based businesses in Australia.
It takes time and effort to get a new business off the ground. Spending a few minutes to evaluate and buy business insurance cover can prevent unnecessary risks to the business and prevent losses.