Once you start working from home, you may find that your standard contents insurance policy no longer provides you with the adequate security you need. Depending on your business, you’ll need to take out different policies. Here’s a low-down on the different types of cover you should consider.
Your typical domestic contents insurance policy will include both electronic goods (TVs, hi-fi systems, CD/DVDs) and furnishings (furniture, ornaments, carpets). Depending on your insurance provider, they may also cover home office equipment. This varies from each policymaker, however, expensive appliances such as audio visual equipment or photocopiers are often excluded.
Check your own policy and if you find this to be the case, you may benefit from taking out an additional all-risks cover. This means that any risk that the contract does not specifically exclude is automatically covered. For example, if your policy does not specifically exclude cover against damages caused by a flood, then the house will still be covered in the event of a flood. This is a useful way to insure expensive business equipment. An all-risks policy can also cover the loss or damage of an item when it’s been taken away from your home, such as a laptop or smartphone you need for a business trip.
Public and Employee Liability
If you often meet businesses partners or associates in your home, you should also consider public liability insurance. While this is not compulsory, this coverage can protect you from loss or damage resulting from a claim made by anyone visiting your home in connection with your business. It will also help cover any legal fees and other expenses that occur if you have to defend a claim. Additionally, if you have any employees working in your household, you may also be legally required to take out employer’s liability insurance. AXA Small Business Insurance includes legal liabilities coverage as standard.
Business Travel Insurance
Finally, if your find yourself making a lot of business trips, you should consider taking out business travel insurance. This is especially important if you or your employees ever need to travel abroad. Basic coverage will protect you against health problems, cancellation and curtailment, as well as replace any items you need for your work should they be damaged.
Remember to keep any receipts you receive for business transactions and be honest with your insurance company as to how much items cost. If you undervalue them, you’ll be left without full compensation while overvaluing them will leave you with higher premiums.