If you’ve shifted from working in an outside office to working from home, it can have implications for your insurance cover.
Here are some issues to consider.
Cover for business assets
The equipment you use at home may be covered under your home contents policy if you have one. However, this cover might be too low – i.e. it may not reflect the actual value of the assets.
So, if you’ve set yourself up at home with equipment and furniture to do your job, you should make sure it’s sufficiently covered by your policy. However, a better option might be to take out separate cover for business assets.
Liability cover
Your home is now your place of business. This means you should have public liability cover in place in case a visitor or client suffers and injury on your property.
Professional indemnity
If you provide professional advice or services for a fee, you should have a professional indemnity (PI) policy.
PI insurance provides financial protection for claims of losses or harm from your professional advice or services. Without PI in place, you risk financial and/or reputational loss if a client makes claims of errors, omissions or negligence.
Workers compensation
If you’re an employee of a company and working from home, it’s important to make sure you are fully covered under your employer’s Workers Compensation policy.
Consider a business pack
Business insurance packs provide cover for a range of commercial risks, including property, business interruption and liability. Speak to your local Reliance Partner if you would like to discuss getting a business pack to cover you while working from home.