Kids, cats & clients | Risk Management 101 for Canadian home based businesses
So you’re about to launch a home based business – congratulations! Or maybe you are expanding your business to include a home office – that’s awesome! Whether you are running a new or existing home based business, you may not be aware of all exposures your business faces in the comfort of home.
This is why we asked a veteran owner of a home based business to provide us with some insights about risk management.
Firstly, there are the obvious risks. Procrastination, wearing comfy clothes when you are not on a Zoom call and fridge temptations. Each of which has it’s own unique hazards. Not setting a clock to get ready to leave the house everyday may inspire your internal clock to take over. Or it may encourage some extra time in bed, especially during a frigid February.
And while wearing pj bottoms is trending, too much comfort can lead to outgrowing your former corporate wardrobe.
Secondly, and more importantly, are the hazards that your housemates may bring. For example, 41+ million people have watched children interrupt this interviewee trying to give an interview to BBC News.
And if it’s not adventurous kids hanging about how about meowing cats? They aren’t always ideal sidekicks if you are broadcasting live on BNN Bloomberg. This is what business reporter Tara Weber quickly realized when her normally sleepy cat started meowing during a recent home based interview.
For instance, you can hear Cleocatra complaining about the lack of attention throughout this CTV News clip on YouTube:
And while interruptions by kids and cats may be inevitable and fun, they can trip you up. These are just two reasons why risk management for home based businesses in Canada is so important for anyone who runs a business out of their home.
ALIGNED Insurance brokers understand that home based businesses face specific challenges when it comes to risk management. And it’s why we work with each client to help you find the best value and coverage options for your home based business.
If you own a home based business and are looking to work with brokers who work with more than 65 of Canada’s top insurance companies, you’ve landed on the right page.
Contact us now to talk about your home based business insurance needs and get options aligned to manage your risks with confidence.
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Why Canadian home based businesses are in growth mode
The prospect of building a home based business is no longer fringe. More and more Canadians are embracing the freedom and flexibility of running a home based business. And thanks to the internet, ideas and options for home based businesses are exploding.
For example, a trio of Calgary based business owners are now delivering a new kind of community based business…
“After seeing business decline by up to 90 per cent during the pandemic, the trio developed an online platform and app to launch new shops direct from people’s kitchens and basements, while also serving existing home-based stores and businesses.
Ricco Dela Torre, founder of Nimbly Market, says he was inspired by his grandfather’s small, home-based neighbourhood ‘sari-sari’, or variety store in the Philippines, where he says as many as 70 per cent of consumer food products in that country are sold.
Nimbly Market allows people to set up their own micro-businesses selling specialty products many bigger supermarkets and stores don’t stock, including hard-to-find items popular with different immigrant communities.
It could be a convenience store, pet shop, bakeries, a small store within the community. The platform allows customers to see nearby stores within a five or 10 kilometre radius,” said Dela Torre.”1CBC.ca : Online shopping platform hopes to start mini boom in home-based grocery business in Alberta
Or perhaps your business is online gaming and reaching a global audience from the comfort of your own home. For instance, there’s the La siblings who were recently featured in The Globe and Mail.
“Growing up, the five La siblings played video games together for fun, when they weren’t working alongside each other at the family business.
Now in their 20s, Betty, Kim, Kat, Wenny and Allen still work together. But instead of staffing a restaurant, playing video games is their job.
The siblings, who call themselves Krew, run the @ItsFunneh YouTube channel, which was recently named the most popular Canadian-run channel about video games on that platform by number of global views. That put them at number five on a Google list of top creators in 2020, among what Google estimates are 40 million channels devoted to gaming.”2The Globe and Mail: ‘Dream come true’: Siblings turn YouTube channel into family business
However, you may also have a business that you are growing in a different direction. Verity Blue Studio artist and director Kathryn Kaiser is now making 3D cotton face coverings in her home based business.
She notes, “our 3D Cotton Face Coverings are made from high quality 100% cotton in 5 sizes, with casing to change out the tie…and optional silk filter and nose wires.”3
And, to help ensure a perfect fit, people can “order one sample 3D Cotton Face Covering…created from high quality 100% cotton in five sizes.”4
If you are growing or creating a home based business in Canada, there’s lots you need to know. The small business insurance experts at ALIGNED can help you navigate options for home based businesses. We are here to help you and your business thrive.
Contact one of us now to discuss your individual insurance needs.
Questions about home based business? We can help you get the answers & coverage you need to rest easy…
Building a business at home isn’t easy. And when you are a solo-preneur you have questions that may go unanswered. Our team across Canada understands what it takes to secure options and most importantly, value for home business insurance.
Related Matters: Why you should opt for sole proprietorship insurance
This is why we want to work with you to help you achieve your goals for your home based business and protect your bottom line. The smallest things can trip up your business. Especially if you invite clients to your home business and they happen to slip, trip and fall on black ice and decide to sue you for negligence.
Or if your cat decides to walk across your keyboard at the most inopportune time. A deleted spreadsheet could be catastrophic or a friendly meow during a Zoom call might charm your client.
Start your FREE home based business insurance quote now.
Use our simple online form.
In conclusion, if you need insurance for your home based business in Canada, we are here to help. Contact us now to learn more about risk management and insurance options for home based business.
And don’t forget that sometimes kids and cats can engage your audience. Way back in 2015, this CBC reporter was practicing his commentaries when a cat sneezed and distracted him. With almost 2.9 million views, this Canadian cat is still captivating YouTube audiences.
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Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular insurance coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.
Source(s): 1 CBC.ca : Online shopping platform hopes to start mini boom in home-based grocery business in Alberta ; 2 The Globe and Mail: ‘Dream come true’: Siblings turn YouTube channel into family business ; 3,4 VerityBlue.ca: 3D Face Mask ;
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