Working from home insurance – how necessary is it?
Working from home has many appeals. You enjoy a commute of a few steps to your desk instead of wasting time stuck in traffic. And it can give you the chance to achieve that better work/life balance that you’ve always wanted. No wonder the numbers of us in the UK opting to work at home at least some of the time has now risen to an estimated four million. But if you’re one of this happy band, have you ever stopped to think about if you need special insurance?
Find out if working from home insurance is necessary for you with our five-minute guide.
What insurance do I need if I work from home?
Whether you work for a company or you’re self-employed, you’ll be responsible for any office equipment, including computers, laptops, printers and specialist equipment for your business, which you use at home.
Does my home insurance cover office equipment?
If you work from home you’ll need to inform your home contents and buildings insurance providers, as it could invalidate a claim if you don’t. Home contents insurance policies can vary greatly, so you’ll need to check with your provider to determine exactly what is covered and if business equipment is included. Some providers may provide business cover, but the maximum you can claim may be limited or it may not cover you for equipment like laptops when you’re working away from your home.
If you don’t have sufficient cover and you’re unfortunate enough to suffer damage to equipment or it is stolen, you could find yourself seriously out of pocket. Make sure you’re fully covered for all equipment with a specialist home working insurance product, designed to meet the specific needs of people who work from home.
What does working from home insurance cover you for?
Not every person who works from home will need every element of cover that is available with working from home insurance policies. For the best value insurance pick and choose to create a tailored policy to meet your specific needs. Things you might want to consider include:
- Public liability insurance – to pay legal fees and any compensation if a member of the public makes a claim against you for injury or damage when they visit your home in connection with your business
- Employer’s liability insurance – an essential if your home-run business has any members of staff, even if they work part-time for you
- Cover for business computers, laptops, and office equipment – so you can quickly replace items that are damaged by fire or flood, or stolen
- Accidental damage – so you can quickly replace items damaged accidently
- 24 hour legal and emergency helpline – to minimise hassle so you can concentrate on your work, you might want to consider a working from home insurance package that offers a 24 hour legal and emergency helpline. With this, you can be reassured that any problems or claims can be dealt with swiftly and efficiently
If you work from home you might also want to consider other insurance products, such as:
- Personal accident insurance
- Commercial car insurance
- Directors and officers insurance
- Legal expenses cover
- Business travel insurance
- Professional indemnity insurance
How do I get the cheapest working from home insurance?
It’s worth taking the time to work out how much it would cost to replace your specialist office equipment. And speak to an expert broker for advice on what elements of insurance it might be prudent for you to include and what is not necessary for you. If you under insure, you could find yourself unable to replace essential kit quickly, and that could have a devastating effect on your business. But if you over insure, you’ll be wasting money on cover you simply don’t need.
Other ways to save money on your working from home insurance:
- If you have additional alarms or security locks be sure to let your broker know. They will be able to negotiate better prices on your premiums if you can prove that you have good security in place.
- Consider taking out your working from home insurance at the same time as your buildings and contents cover. Adding this specialist insurance to your buildings and contents package can enable your broker to access bigger discounts
- A specialist broker can also save you time by gathering different quotes from different insurance providers so you can find the best value deal
Expert advice and prices on working from home insurance from Park Insurance
Park Insurance is an independent insurance broker with an expert understanding of the specific insurance needs of small and home-based businesses. We have preferred broker status with some of the UK’s leading insurance companies, which allows us to negotiate fair prices on your behalf without compromising on the level of cover you’ll get.
Call our team on 0117 955 6835 or get in touch for a free, no obligation quote for your working from home insurance.