Are You Adequately Insured to Work from Home?
Many people who I advise regarding working from home are usually shocked to discover that their home insurance policy is not enough to cover their business venture as well!
This is often a slightly grey where many people feel that they can get away with not having to take out any form of additional business insurance, thinking the policy which they already have in place at home will allow them to claim on it if a work-related incident occurs.
However when such incidents do occur, as they so often do, this is the time it costs such people dearly, more so because home insurance policies have very little in the way of coverage for business activities undertaken in the home environment.
The Business Insurance Types for Working from Home
- Rider or Add-On Policies: These are considered the cheapest of the policy types but an excellent cover for those looking to add on to their current home insurance policy and cover their business venture as well.
This is aimed at those who don’t require extensive equipment for their business and those who won’t be receiving many clients to their property.
- In-Home Business Policies: If you require slightly more cover than rider or add-on policies, this is the next step covering theft, and injury, and a selection of other contingencies as well.
This is great for those with employees working for them as it offers them cover, as well as taking care of business equipment.
- Business Owner Policies: Finally, if your home business is a greater going concern, you may want to consider this type for additional financial coverage.
This will cover employees, visitors, vehicles, assets, injuries, and losses, and can be written to your individual specific business insurance requirements.
If you are in any doubt as to whether your home business requires insurance of any type, be sure to speak to a business consultant.