Entrepreneurs come in all shapes and sizes, and not everybody in the modern world who runs a business necessarily needs to have a physical presence other than their own home. However, the reality is that even your smallest clients could have need of business insurance – and with premium funding, you might be able to offer it to them with a minimum of fuss and a maximum of protection.
Beyond home and contents
One of the most appealing parts of starting your own business from home is just that – it's at home. Enterprise owners don't have to battle traffic or deal with office politics, but they do still have some problems that people with a separate, physical workplace don't: The question of whether or not they are adequately protected.
When an office is part of the main building of a home, chances are their insurance will cover the physical assets of the business as well. After all, it is a part of their home. However, that doesn't deal with other kinds of business insurance that are part and parcel of working in modern Australia: Liability, indemnity – in many professions, these are absolute musts.
Can you provide that protection?
More than four in five Australian homeowners considered themselves to be underinsured for their home and contents.
However, the issue that these kinds of small businesses face is that of cost. They are small start-ups that may be coming up from scratch, working with a very small budget – a budget that may be very lean on protective measures such as insurance.
Furthermore, they are likely not to be fully covered even under their home and contents, according to research from Understand Insurance. It found that more than four in five Australian homeowners considered themselves to be underinsured for their home and contents. Considering that some business-use equipment that is integral to the survival of a startup might not be covered under such a policy, that statistic becomes particularly worrisome for home-based entrepreneurs.
There is a solution, however. Premium finance allows businesses to break up their spending over the course of the year, rather than having to spend a lump sum all at once. As a result, it improves cash flow, affordability, and makes sure that these small business based from home can afford the additional insurance that they need.
For more information on how you can offer this useful product to your current clients, get in touch with the team here at Attvest Finance.
