Home – New Forums Money matters Is home & contents insurance possible for home based business?

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  • #1237688
    I.T. Guaranteed
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    Following this story in the media recently,
    https://www.abc.net.au/news/2022-07-20/side-businesses-voiding-home-insurance-widespread/101246862
    I ran a check on my insurance. As I run a professional desk based business with no business visitors to the home I am still covered by my home & contents policy.

    But my wife would like to start a cooking business as a side hustle. I discovered this would void the home and contents policy that we have with a major insurer.

    Does anyone know any companies that cover home & contents when the home is used for a business?
    – Yes I have separate business insurnance for myself, and have a quote for my wife’s business, but that would still leave the home & contents uninsured.

    #1237707
    Paul – FS Concierge
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    I hope your wife smashes it out of the park on YouTube.

    It is great you have thought of this issue as many do not.

    Probably the most efficient way for you to get the info you need is to contact some Insurance Brokers and evaluate what they say.

    ~Cheers

    #1237800
    Chrispro
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    It’s going to depend on the individual insurer really. A lot of insurers now include cover for a home business. But I’m sure if you check the T’s and C’s that will be a home office-based business, not a cooking business. I agree that a Broker would be the way to go and they should be familiar with the options.

    #1237811
    EmG79
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    Hi. I run a home based food business. You will need to submit a development application to your local council to register the kitchen for commercial cooking purposes. Then you can ask your home and contents insurance provider to note on the policy that you have a kitchen on your property which is used for commercial purposes x hours a week. They will then decide whether to increase your premium or not. My insurer noted it on my policy but did not increase the premium unless I made over a certain amount each year from the premises.

    #1237819
    Margaret Donoghue
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    Contact your insurer and discuss the proposed changes with them. My insurer (RACV) have noted my home based business on my home and contents policy and this has been running for almost 10 years now. It’s also a good idea to shop around and compare policy terms and premiums.

    #1237827
    Justin
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    Have a chat with Auzi.

    This is their bread and butter

    We just launched Thriday! Thriday saves small businesses a huge amount of time and money by automating financial admin. It's like having a bookkeeper, accountant and transaction account all in one.
    #1243953
    violajones
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    Hi! What about the insurance is still relevant this year or something has changed? I’m going back to Australia and I’m interested in this question.

    #1244007
    WandaOrta
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    In Australia, home and contents insurance is an essential consideration for homeowners. This insurance safeguards against damage or loss to your house’s physical structure and its contents, encompassing your personal belongings. Nevertheless, for those operating a home-based business, you might be curious whether home and contents insurance offers coverage for your enterprise as well.

    Typically, standard home and contents insurance policies in Australia do not automatically include coverage for home-based businesses. This implies that if you run a business from your residence or a rental property found at here, and you experience damage or loss to your business assets, your home and contents insurance policy may not provide coverage.

    #1244002
    Chrispro
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    I don’t think there have been any real changes – just price increases! A lot of Home and Contents policies still offer cover for a home-based business, but you’ll need to check exactly what they cover to know whether it’s relevant to your circumstances. All the best!

    #1243996
    WandaOrta
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    Hi! What about the insurance is still relevant this year or something has changed? I’m going back to Australia and I’m interested in this question.

    Hello Viola! Yes, it is possible to get home and contents insurance that covers a home-based business in Australia. However, the coverage will depend on the type of business and the insurance policy you choose.
    Most standard home and contents insurance policies in Australia will only cover personal use of the home, and may not provide adequate coverage for a home-based business. If you operate a business from your home or rental home from here it is important to speak to your insurance provider to see if you can add coverage for your business activities to your existing policy, or if you need to purchase a separate business insurance policy.

    #1244004
    WandaOrta
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    Hi! What about the insurance is still relevant this year or something has changed? I’m going back to Australia and I’m interested in this question.

    Home and contents insurance is an important consideration for anyone who owns a home in Australia. This type of insurance provides protection against damage or loss to the physical structure of your home and its contents, including your personal possessions. However, if you run a home-based business, you may wonder if home and contents insurance covers your business as well.In Australia, most standard home and contents insurance policies do not automatically cover home-based businesses. This means that if you operate a business from your home or rental house from here and you suffer a loss or damage to your business property, you may not be covered under your home and contents insurance policy.

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