As a Migration Agent, when it comes to getting insurance sorted for your business it can be pretty straightforward - jump online, compare quotes and buy the insurance that suits your business. However when it comes to your decision to take up business insurance there are a few things you want to keep in mind.
- Your personal insurance doesn’t cover your business
A key thing to be aware of is that your personal insurance may not cover your business liabilities or property. If you are working from home it’s important to know that your home and contents insurance policy might not cover all the liabilities related to your business. As an example most home and contents policies do not cover you for bodily injury or property damage to a client or supplier that may occur at your home. The likelihood of a claim is low, but the implications could be extremely costly. The rule of thumb is “if the consequences are too severe to manage on your own, you should insure it.” However with a low probability of occurrence this simply means you will pay a lower premium – this is a small price to pay even if it is unlikely you will have a million dollar claim.
Also note your business insurance may cover personal items. If you have cover for theft and there is a break in to your office, you may be able to claim for those personal items left in the office.
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