When Hippo.co.za asked me to collaborate with them on an article I thought that I would tackle a topic that I wanted to get an answer for myself – Do bloggers (and small, home-based businesses) need insurance? I found some interesting articles on their blog that included one asking, Do You Need Household or Business Insurance for Your Home-Based Business?
We as small business owners seldom find joy in considering the legal, contractual and insurance aspects that make our businesses run smoothly, but they are vitally important. It is exciting to be able to run your own business and a privilege to be able to do so, but we do need to consider how we can protect our business finances and its assets. Having insurance in place can protect your business and/or yourself against having to pay big sums of money when you least expect it, enabling you to continue with business as usual.
Why do bloggers or small business owners need insurance?
Whilst we do not want unforeseen events to happen, we can try to plan for these occurrences by planning ahead. I use my laptop, cellphone and sometimes car for lovilee, whether it is to attend a launch or to attend a business meeting. Without these or even one of these it would be very, very difficult to continue as usual, if not impossible.
Figuring out what kind of insurance you need as a blogger or small business owner can be overwhelming. There are different types of policies available; I would suggest talking to your insurance company or your broker about your specific business needs, but I’ve tried to share below some of the insurance types that might apply to us as bloggers and small business owners.
1. Buildings insurance
Whether you run your business from home or you own a separate business property, buildings insurance is key. This type of insurance covers damage to your property, including the structure and any permanent fixtures, such as gates, plumbing or geysers.
Whether against fire, floor or other damage, buildings insurance will assist you in getting things back to normal. You generally go through a long list with your insurer that specifies the type of building, roof, number of geysers, and more, so be sure to give them accurate information as the information you give is very important for the cover that you need. Some policies allow you to include the contents of your property under the policy as well, like your office equipment, furniture, etc. Be sure to find out whether you have lightning insurance added or not and find out whether it is an optional extra.
If you are renting a property or office space for your business, find out whether your furniture etc is covered under their policy or whether you need to take out cover for it yourself.
2. Out and about cover
Items that are non-permanent features need to be specified in your policies. This could for example refer to your laptop and cellphone that you carry around with you to meetings or home and back. Make a list of the items that form part of your business and talk to your insurance company or broker about them. Transparency is key when it comes to having your items adequately insured. Having the invoices and serial numbers of the items on hand can make the process of documenting the specified items smoother.
3. Car Insurance
If you have a car, it is vitally important to have Business Insurance. It is important to mention to your insurer whether you make use of your car for business use or personal use or both to ensure that you are adequately covered.
4. Other Types of Insurance
There are a few other types of insurance that you might want to consider or research:
- Liability cover protects your company against possible lawsuits.
- If you have permanent employees, then workers’ compensation is a legal requirement.
- Death, disability and dreaded disease cover or insurance pays you part of your income when you are unable to work.
This article is provided for informational purposes only and should not be construed as financial or legal advice. Lovilee and its affiliates cannot be held responsible for any damages or losses that may occur as a result of this article.
Images from Shutterstock
Let's get socialInstagram: @lovilee_za
or subscribe to never miss out on any new articles in this link.