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23 October 2018

If so, are you relying on your home and contents insurance policy to protect your business? If you answered yes to both these questions please immediately ring our office for advice. I don’t mean to scare anyone, but we consistently see home and contents insurance policies fall well short when relied upon for business coverage.

Consider the following examples of where home insurance policies generally do not provide protection:

  • Public liability – most home policies do not provide any business liability cover at all
  • Business Interruption – What would happen to your income if your home is significantly damaged and you can no longer occupy the building?
  • Loss of Data – What would happen if a power surge damaged all your computer equipment including the back up data?
  • Theft – Most home policies only provide a very limited cover for theft of business equipment
  • Cover away from the home – Do you ever take any business equipment out the front door?
  • Under insurance – Most home policies allow between $5,000 & $10,000 cover for a home office. If you are genuinely running your business from home this level of cover is not usually sufficient. You may even find you have no cover at all depending on how the policy defines a home office.
  • To prevent these short falls we have developed a unique combined home, contents and business package product to provide the protection our professionals running their practices from home require.

    With the increasing ease of IT communication and general population trying desperately to gain control of their work/life balance, home based businesses are becoming more prevalent then ever before. However the work/life balance will be in disarray if you suffer a loss and then find you have no cover.

    These issues reinforce to us the importance of getting the right advice. Direct insurers providing quotations and policies either on line or via a call centre do not give you any advice. They merely sell you the only product they have available regardless of whether it meets your needs. There is no consideration given to your specific requirements. Saving a few dollars at renewal time will be the last thing you think of when a claim is denied for an event that is covered under other policies that are available.

    If you would like further information please give our office a call on 1800 810 970