With long commuting hours in larger cities and a desire for greater flexibility when working, many of us are now opting for roles that allow for working from home on a part-time or even full-time basis. Remote working may have huge benefits, including greater personal freedom and increased comfort, but it is important that you consider what is covered by your current insurance as someone who works from home.
You may assume that your current home insurance will cover your business items and equipment in the event of vandalism, theft, or floods, but that is not always true. Some insurance policies will become invalidated if you fail to notify your insurance company that you do in fact work from home. It is important that they are aware of this given that doing business from home often means that your home contains a lot of valuable assets, such as equipment and precious documents, all of which need to be accounted for in your insurance policy.
It is a common misconception that letting your insurance provider know that you have a home-based business means that your premium will be a lot higher than before. In reality, you will usually only be charged a couple pounds more per month in order to get more extensive cover whilst you work from home.
If you work from home and have specialist office equipment, you will need a more comprehensive policy than standard home insurance in order to cover these items.
The average home contents insurance policy will cover a number of electrical goods such as laptops, TVs and home stereo systems, as well as other items in your home such as large furniture items or artwork pieces. If you use items such as valuable computers and specialist software to work from home, it is likely that you will need further cover for these items.
If you do own expensive specialist home office equipment it is advisable to invest in business equipment insurance. This way, your essential work equipment will be saved in any instances of damage or theft.
It is important that you take the time to accurately calculate the value of your business equipment when searching for business equipment insurance. This is to avoid the risk of under-valuing your items and not being recompensed appropriately to replace them, or over-valuing them and ending up paying higher premiums.
If part of working from home entails clients, customers or employees coming to your home, then you may need to get public liability insurance. This is because you will be held accountable for any incidents that happen on your property as a result of running your business there. Public liability insurance is designed to help cover the cost of any legal fees that could ensue from such accidents, as well as any additional costs that might be involved. This type of insurance can also cover you if you regularly visit other people on business and accidentally damage someone’s property.
You may work at home, but if you also have employees you will need to have employers liability insurance cover. It is a legal obligation for your company to have employers’ liability insurance if you have staff working for you, even if you do not have a collective office.
Professional indemnity insurance is commonly purchased by anyone who gives professional guidance and advice to its clients from their home. Taking out professional indemnity insurance means that the insurance provider will cover the cost of any legal expenses as well as compensation bills that are due as a result of a customer deciding to pursue legal action against you and your professional advice.
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Getting great working from home insurance is easy with Proper Finance. Simply fill in a few of your details using our online form and you will be contacted by one of our specialist insurance partners. They will assist you every step of the way, helping you to get insured as effectively and quickly as possible.
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