Working from home is rewarding and more commonplace now than ever. With more and more companies expanding their digital networks, employees who are able to work from home are choosing to do so. It gives them more time with their families, and less time is wasted on gas and the time it takes to commute to and from work. While working from home is beneficial, you still need some type of insurance to protect yourself. There are several ways to maintain coverage. Look closely at your circumstances and find the one that works for you.
Coverage Under Your Employer
If you are employed outside of your home but work in a home office, your employer may provide you with a limited amount of coverage. This coverage normally includes health insurance and workers’ compensation insurance. Your employer may extend coverage to the equipment you use if it is only used while you are performing job-related duties. If this is the case, contact your employer and discuss your coverage with your Human Resources representative. They will be able to tell you what is covered and what is not.
Buy Your Own Commercial Insurance Policy
If you own a business, you will want to purchase a commercial insurance policy. This will provide you with the property insurance that covers your equipment as well as the liability insurance you will need in case someone is injured while visiting your home office or their property is damaged. Liability coverage also protects against faulty products and workmanship. A quality commercial insurance policy is affordable and will give you the peace of mind you need to feel protected while you work.
Don’t Rely On Your Homeowners Insurance
Your homeowners insurance is meant to protect your personal property, not commercial assets. If you have a home-based business, that fine line may be crossed occasionally. Even though you may use your business equipment for a few personal tasks, it does not qualify for them to be covered under your homeowners policy. It is essential that you maintain a list of items for both your business as well as your commercial insurance policy. This will ensure that both you and your business are fully covered.
Online Business, Independent Contractor, or Self-Employed
When it comes to working at home, you need to know how you classify yourself. An online business may be kept under your homeowners policy to an extent. As an independent contractor, you are responsible for all your different types of insurance, including liability, Workers’ compensation, and healthcare coverage. Self-employed individuals may be able to use a combination of both homeowners and commercial policies. Without the right types of coverage in place, you are at financial risk, and your business may suffer.
When you work from home, you need to learn as much about the different types of insurance you have available to you. Contact our agents here at 01 Insurance as soon as possible. We can help you sort through your needs and go over any questions you may have. Our goal is to ensure that both your home and business are sufficiently covered by the appropriate types of insurance.