Traditional home insurance usually doesn’t cover business-related assets or liabilities, so it is important to ensure that you, and your business are adequately covered.
The below article outlines the ways in which you might seek to protect your side-hustle.
1. Protect Your Equipment and Inventory
Your business likely relies on equipment such as computers, laptops, cameras, or specialised tools. If these items are damaged, lost, or stolen, it could seriously disrupt your business.
Purchasing coverages under a business insurance package allows for you to select the appropriate covers for your unique business requirements and package them under one business policy. This may include coverage for:
- Computers, laptops, and other electronics
- Cameras, tools, or specialised equipment
- Inventory for online stores or home-based sales
Having coverage for these items in the event that they are damaged or stolen, can assist with the financial burden of replacing them.
2. Business Liability Coverage for Your Side Hustle
Accidents can happen. Whether a customer visits your home, or purchases a product you sell online, if a client is injured at your property, or harmed by a product you provided, you could be held personally responsible for the cost.
Without proper insurance, you may be personally liable for damage costs.
Business Liability Insurance helps protect you from:
- Legal claims for bodily injury
- Property damage caused by your business activities
- Product liability if your product causes harm
3. Business Interruption: Keep Your Side Hustle Running
If your home office is damaged by fire, flood, or another event, it may disrupt your work and lead to a loss of income. Business Interruption coverage may assist with the replacement of the income lost while your business recovers.
This coverage can allow you to focus on getting your business back up and running without the need to worry about finances.
4. Available Cover Via insurance.com.au for your Side Hustle
insurance.com.au offers a Business Insurance Package that allows you to bundle up to six coverage types under one easy to manage policy. The below coverage types are available under this package, and may assist with the protection of your side hustle:
- Business Liability Insurance combines Public & Product Liability, which may assist in the event a claim is made against you due to an accident or injury that occurred as a result of your business activity.
- Business Interruption Insurance may assist in providing you with coverage for loss of income, profits or turnover as a result of interruption to your business caused by unforeseen events, such as fire.
- Theft, Money & Glass Cover may assist with loss or damage to your contents caused by theft or attempted theft.
- Portable Contents and Tools Cover may assist in the event of theft or accidental damage to your business tools, including laptops.
Whether you’re just starting out or have been running your side business for years, investigating protection via insurance might give you some peace of mind. With coverage for property damage, liability, and more, this may plug up the gaps in your current cover.
