Starting your own business is very exciting and if you can work from home, even better, right? Research has shown that 43% of all start-ups are home-based. But how does your home‑based business influence your insurance?

As we are in the business of putting our clients first, we decided to put together a checklist to assist you when you apply for insurance.

1.Give as much information as possible. The more we know, the better we can cover you and in this way you reduce the risk of not being paid out when you claim.

2.Talk to your insurance advisor about the difference between home contents and commercial insurance and which would be better for you.

3.Ask your insurance advisor about the specific equipment that needs to be covered and if they do cover it, for instance, do you need a laser cutter or special oven?

4.Ask if your software and data will be covered and how this will be affected based on the type of policy you choose.

5.Do you employ other people? If yes, you’ll need worker’s compensation.

6.Do you have customers or suppliers visiting your property? If yes, getting personal liability cover can protect you if someone gets hurt.

7.Ask your insurance advisor if you are properly covered against natural disasters such as lightning, fire, floods, etc.?

8.Ensure that you are covered against malicious damage and theft or burglaries.

9.Do you manufacture and sell products? Then it’s advised to look into product liability.

10.Find out if there are any extra benefits and if so what they are.

Running a home-based business carries the same risks as any other business. So when you think about starting up your business, speak to one of our advisors and ensure that you are getting the correct cover your business needs.

Our advisors are experts in the field of business insurance and will advise you on which products are best suited for your unique business. Visit www.indwe.co.za or call 0860 13 13 14.

Indwe is an Authorised Financial Services Provider

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