Home Staging is an emerging industry in the Australian real estate sector with more and more vendors seeking the services of a professional to present their home for sale.
Combining the arts of interior decorating and styling with real estate know-how is no easy task. Great Home Stylists will interpret real estate and consumer trends and morph the house they are styling to accentuate the positives, detract from the negatives to create the ideal look and feel for prospective buyers.
According to the International Institute of Home Staging;
Home stagers work with a wide variety of industries and companies such as electricians, plumbers, removalists, retailers, wholesalers, delivery men, builders, carpenters, carpet layers, truck drivers and everything in between. From this, home stagers must learn to understand how each of these industries works independently and collaboratively.
Working with so many different trades and on location can present a number of workplace risks and liability exposure for Home Staging Businesses including;
Professional Indemnity
If you are venturing into interior design or if you provide your advice for a fee, Professional indemnity is extremely important to cover your for any errors you may make. This cover is designed to cover any legal costs associated with breaching your professional duty.
Liability
As soon as you walk into your clients’ home there is a liability risk. You could bump the wall in the hallway and take all the paint off with your bracelets. What if your dining table legs weren’t on properly and it collapsed on a child? This is where liability insurance is so important! Cover for injury and damage to third parties caused by you or your goods.
General Property Cover
The biggest worry for Home Stagers is damage to their stock whilst out of your control. What if your dining table was scratched or you’re your lovely leather couch damaged by tradespeople or the homeowners? This is where general property cover comes in. Cover for damage to your goods whilst being staged.
Whether you only keep your soft furnishings at home, have a shed on your property or rent a storage unit, fires, storm damage, malicious damage and theft can happen. General Property Cover and theft cover can ensure you’re protected.
Transit Cover
Transit Cover covers accidental loss and damage for your stock in transit anywhere in Australia. From your premises to the home being staged and return, or going from one house to another house. This can be in any vehicle that you own or by a common carrier.
Common carriers like removalists do not have insurance cover in place to insure your goods from any accident/damage that might occur during the transit.
The Sum Insured should be the maximum amount you would have for 1 job/client.
Business Interruption Cover
If your warehouse and stock are damaged in a fire, how will you pay your overheads while you get up and running again? Business interruption covers your loss of income/overheads following an insured event.
Cyber Insurance
Storing your clients’ private information digitally comes with the risk of cyber breaches. It is not just big corporations being targeted. Technology is essential to running a business and cybercrime evolves daily. It pays to have an up to date cyber policy to ensure you are protected.
For more information about Home Staging Business Insurance, download our Industry Brochure.
For a quote please contact
Sara Stotyn
Account Executive & Home staging insurance expert
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