Work From Home: Do I Need Insurance?
How long have you been working from home? The number of people who choose to work from home is growing, and there’s no stopping them. Who wouldn’t want to work from home when it meant more time with the family, not to mention the time and effort saved because you don’t have to exert much effort to do your work from home. Whether you’re running your business from home or working full-time for a company as a remote employee, it is important that you understand that you may need to purchase add-on coverage to include the work from home that you do.
Sadly, many homeowners who do their work from home fail to realize that they put their home insurance at risk because of the work that they do. Some don’t even realize that their insurance coverage has been invalidated until reality hits them hard. To save yourself from all the trouble, it is best to consult with an insurance advisor to learn more about the add-ons that you should request from your insurance provider.
What type of insurance do you need if you do work from home? The kind of coverage you need depends on several factors including the type of business or work that you do from home. Consider adjusting your current cover. Have you considered asking your insurance provider about the adjustments you wish to make to your policy? Include the possessions that you use for work purposes. A laptop computer, table, chair, laptop and all the other things that are used for “business” instead of domestic purposes should be covered by the adjustments you intend to make.
What does it mean when insurers say that something is for “business use”? They refer to all items inside the house that are used for business. This may include printers and other materials and equipment that you use exclusively for business. If you are running a business that requires cooking, all the materials that you use for it are for “business” purposes and shall be considered in the add-on insurance that you wish to buy. However, the rules become a bit gray when you only work from home using a computer.
When in doubt, ask your insurance advisor. They will know whether you need to buy add-on insurance coverage or not. Remember, the additional coverage you are buying is not just for you but for the investment you put into your home and business from home.