5 things that could affect your insurance
• The type of business you’re starting.
There are a lot of business opportunities and each one comes with its own risks.
• How much of your home will be dedicated to your business.
You’ll need to tell us:
- if you’ve created a dedicated office or room or if you’re converting your garage into a welding, mechanical or electrician’s shop
• What kind of equipment you’ll be using.
There are 2 types of insurance you may need:
- property insurance – protect your equipment from being stolen or vandalized
- liability insurance - take care of your costs if you cause injury to another person or damage to their property while using it.
• Is your equipment for personal and business use?
Let your broker know what equipment you’re buying for your business and if you plan to also use it in your personal life. For example, your laptop computer may work for both accounting and playing computer games. These things may affect the way your insurance coverage is set up.
• How often customers, suppliers and delivery people will be coming to your home.
Having people coming to your home regularly will increase the risk of something happening on your property. Legally, if someone slips and falls while visiting your home, you could be responsible for their injury and all the costs that come with it.