Making a Start - Update Your House Insurance

Making a Start - Update Your House Insurance

Another important tip I want to give you is to make sure that you update your home insurance policy if you start running your online business from home. The media recently published articles about a couple whose insurance was voided after their house burnt down because they had not declared they were selling goods from home.  

When you first took out your home and contents policy, you likely would have ticked a box that said you do not run a business from home (as I did). However, if you start registering a business name, domain name, ABN etc., at your home address, you will need to update this clause on your policy. I rang my insurance company, and because I had no employees and was not holding stock at my house, there was no change to my insurance premium to update my policy.  

You may also need additional insurance when you commence your business, which you are best to speak to an insurance broker about. Such insurance may include Public Liability Insurance, business insurance to cover the loss of stock and motor vehicle insurance.