The vast online world has made way for millions of home-based internet businesses and the numbers just keep on growing. While entrepreneurial spirit and some basic savviness on a computer is often all it takes to set up a shop on the likes of Ebay and Etsy, preparing for possible problems should factor into any fail-safe business plan.
The perfect way to provide peace of mind when starting an exciting new online venture is to get covered with tailor-made internet trading insurance. This enables you to get on with building your business knowing that a fall-back is there should issues arise.
Many start-up digital businesses are run by individuals from home and it can be easy to feel as though this is a safe haven and that standard insurance will have you covered. This is not always the case!
Reasons why home-based businesses should be insured
Any business involving the shipping of goods to people comes with a variety of risks that should be taken into consideration when putting together an insurance policy. Opting to take a chance and not prepare for unforeseen circumstances could result in a lot of time and money going down the drain.
A basic content insurance package is unlikely to include protection of any stock you might have stored in your home. If a customer decides to sue you over a damaged product posing health and safety issues, could you afford the legal costs? What happens if goods are lost or damaged in transit? Being insured against public and product liability leaves nothing to chance.
While Product Liability Insurance is not a compulsory element, legislation in the Consumer Protection Act 1987 and the EC Directive on Product Liability states that businesses manufacturing and supplying goods should have this type of cover. Having this included in your business insurance policy is therefore a safe bet.
To speak to The Insurance Octopus about your insurance needs please call 0161 464 8738.