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  • #967571
    High Indulgence
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    I am starting a new business and I haven’t had much luck finding someone to insure me.
    The business will be based from home, and organises/runs catering in private homes for 10-30 people (no alcohol served).

    Does anyone know what type of insurance I will need and who can provide it?

    Thank you

    #1027246
    Dave Bockett
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    High Indulgence, post: 32206 wrote:
    I am starting a new business and I haven’t had much luck finding someone to insure me.
    The business will be based from home, and organises/runs catering in private homes for 10-30 people (no alcohol served).

    Does anyone know what type of insurance I will need and who can provide it?

    Thank you

    I certainly know what it’s like. You can imagine the reactions we got when the insurance companies asked us what we do and we mentioned amongst other things we hire a live fire out to people and leave them to it! Not surprisingly we couldn’t get insurance for hiring out our pizza ovens!

    I’ll check out exactly what we are covered for and send you a PM with the details.

    Dave.

    #1027247
    High Indulgence
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    That would be great- thanks!

    #1027248
    Merlin McCloy
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    Well I am a little surprised at this conversation. I have been in the general insurance industry for 24 years and cannot believe you are unable to get insurance for either of your businesses.

    I have helped a few other FS forum members. If I can assist please do not hesitate to give me a call.

    #1027249
    Samith
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    One of my mates runs a business catering company, she is with OAMPS, seems like the cover is pretty restricted tho, better check all the conditions before you sign up.

    #1027250
    Avatar Consulting
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    It is suprising that you cannot get insurance. I get the feeling that you can get insurance but are not happy with the requirements to have it.

    I am not an insurance broker, but you would be looking at a Business insurance package to cover a few elements of business risk. With your type of business you have quite a few risks.

    If you are a sole trader you expose all your personal assets [money, house, car etc] to any claims that you are not insured for so seek out the right insurance provider and dont try and operate your business without having insurance.

    • Public Liability $10 Million is usual for most businesses to protect against accidents and customer injuries
    • Product Insurance will protect you if your product injures someone
    • Property & contents to protect your equipment
    • Workcover insurance is mandatory if you have employees
    • Business Interruption insurance covers you if you are injured or unable to work in your business
    • Professional Indemnity will protect you if you give bad or incorrect advice

    Running an event business requires specific legal requirements by Police or Council permits so make sure you have complied with all these otherwise your insurance may not cover you anyway.

    Just to give you an example of potential risk you run without insurances; A single person gets injured from something your business was responsible for can cost you at least $10,000 in damages [often over $30,000], plus fines from breaching OHS laws which average $33,000 per breach, and then you have all the legal costs included.

    So have a rethink about all those ‘restrictive terms’ and see if you would rather pay $50,000 out of your pocket for each injury.

    With this in mind keep looking for your insurance and understand that often their terms are to protect your business and them.

    #1027251
    Avatar Consulting
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    Running a business event in a private residence involves a high level of risk on a business.

    As a business owner you are 100% responsible for the safety and well being of everyone that is there attending a function that you organised. This includes guests, visitors, patrons, members, employees, contractors, and in some cases even trespassers.

    Check out Worksafe [or the OHS organisation in your state] for the OHS guide on running events safely.

    With private residences you could be breaking the residential tenancy act for those clients that are renting properties and be responsible for them losing their rented home.

    These issues are the main reason why catering functions are booked in venues instead. I recommend that you check some good venues out because they can be rented for less than $500 in some cases and save you headaches.

    #1027252
    McBrain
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    Hi All,

    I’m in exactly the same situation as High Indulgence.

    We have been offered a policy through OAMPS which is a broadform commercial liability policy. This seems to be the cover we require.

    However, I have found that getting this policy checked by a litigation lawyer to make sure it covers us is as expensive as a year’s premium!

    Does anyone know of any industry guidelines from industry associations, etc for which policies are suitable?

    Cheers

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