Are you the owner of a niche handmade goods business? If so, you should consider the types of risks you face in your business. This applies even if you work entirely from home.
Here are some examples.
- Injury risks – such as when a customer visits your home studio, trips over and breaks their ankle.
- Third-party property risks – an example might be where you spill glue on a customer’s expensive designer bag when they visit your studio.
- Product risks – such as toddler choking risks, or the risk of prick injuries from needles inadvertently left in a sewn item.
To provide your business with financial protection for these risks you should have public and products liability cover in place. Even if you already have home public liability insurance, it is unlikely to cover you for events relating to your business.
Depending on how you run your business, you there could be other types of risks as well. An example might be where you run a market stall, or you use your personal vehicle to deliver goods. In these instances you may also need other types of insurance – such as property cover and an extension on your motor vehicle policy.
In any case, much like the goods you create, your business is unique, and you need specialist insurance to match. This is something you should discuss with a Reliance Partner who has good knowledge of your industry.
Meta description: Owners of handcrafted goods businesses face some unique liability risks and should ensure they have adequate insurance cover for financial protection.