I was asked by a Facebook friend, ‘’I am looking at getting Insurance for my cake business but not sure what will cover me and not sure where to start. I have done a bit of ringing around but am getting quotes of up to $1000. Is this normal?
You are not alone. I have the answer.
It is so true, that when starting a business, there is so much to think about and get information about, to be able to take the best steps to get started! FREE PDF here: 10 Steps to Starting Your Cake Business
The Australia way of life is very important to us all. Job security, house & home insurance, contents, animals, cars, vehicles, medical and all can be covered by insurance.
The same is in your own business. There is Life Insurance, Public Liability Insurance, Accident Cover, Wages Insurance, Food Insurance, Market Insurance (and I imagine even more), when you are your own boss.
A little bit daunting, huh?
Insurance is definitely a personal preference. It depends on your budget, your income, your quality of life, bank loans and repayments, mortgage and your level of security.
It is completely your choice if & when you choose to get insurances & which ones to get.
The Starting Point for Insurance & Cake Business
Selling cupcakes and cakes at the markets you are required to have $10 million Public Liability Insurance. Most markets now have this requirements and it is actually more affordable than you think.
I, personally, have used AAMI. They have market stall insurance as well as Business Liability policy (select ‘Bakery’ as the category, even though you are operating from home.)
Other Business Insurances
The (other) wide range of insurances are completely up to you. It depends on your circumstances and personal preference.
The first point of call should be to your bank to see if they offer insurance on repayments. Research the online Insurance comparison websites to get the best quotes & deal for yourself, your family & your circumstances.
Remember to check your home insurance policy to make sure you can run a business from your home on your policy too.
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Founder – Angel Foods and Cake Business School
I would love to hear from you.