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Work From Home Insurance Considerations TEXT | ZAKIYA KASSAM
One of the many ways in which COVID-19 has affected our lives is our work location. Companies have had to move many employees to work from home and have found that this is not only a viable option, but in many cases, a preferable one. It has been predicted that even as restrictions lift, many employers will continue to offer work from home options! With this move, homeowners need to make sure they consider the ramifications when it comes to their home insurance. Though every insurance policy is different, home-based business operations are typically excluded from standard policies and this extends to those working from the home as employees. If you’re working from home on a temporary basis or for the foreseeable future, here’s how you can ensure the best protection possible from your home insurance policy. Get in touch with your home insurance broker/advisor. If you’re unsure of what your policy covers, your safest bet is to let your broker know of your change in circumstance. Starting that dialogue well before a possible claim will help to mitigate disputes down the
road. Your premiums won’t go up just because you called. Add extra liability and/or additional endorsement coverages to your home insurance policy. Depending on the nature of your work, you may benefit from the additional coverage. For example, if you’re working from home indefinitely, there are additional coverages to protect you, your equipment, and business operations that you can add to your home insurance policy. This could cost as little as $30 more per year, depending on your provider, and will extend your insurance coverage to include business related liabilities. Find out if your employer’s insurance covers at home work. Generally speaking, company owned equipment should be covered by your employer's insurance. But there can be some gray areas, so it's always a good idea to inquire with your employer to find out what is and isn't covered by their insurance policy. This way, you aren't adding extras to your own policy unnecessarily.
