Working from home is something many working mums want – it’s peaceful (well it can be!), productive and you get to choose your working hours, especially if you work for yourself.
If your work enables you to work from home, you’ll be joining a strong army of people who have turned their dream into a reality – but before you get too caught up in everything, have you checked out your insurance cover?
Working from home makes you responsible for ensuring that any home office equipment is safe and secure. You need to be insured against theft, loss and damage, so speak to your insurance provider before setting up business at home. If you are not currently insured, you can make initial enquiries with insurance brokers to find out your options.
Typical home contents insurance might not cover you to work from home if you’re running a beauty treatment room from the spare room or garage, for example. This is because domestic insurance generally only covers ‘administration’ duties – i.e. working on your laptop, filing papers etc.
If you do more than basic admin at home, you may want to boost your current contents insurance by adding an ‘all-risks’ policy for business equipment. This type of policy can cover you against loss or damage, including for when a business item is taken away from home (e.g. your iPad or laptop).
If you have clients coming to your home, for example, or other visitors (for business purposes), you should consider Public Liability Insurance, as this will protect you against claims made by anyone who visits your home in connection with your business. It also covers legal fees and other expenses to do with defending a claim. If someone slips or has an accident in your home and decides to make a legal claim against you, for example, this will cover that.
What type of insurance do you need?
There are two types of contents insurance:
The cheapest type is an ‘indemnity’ policy, which takes into account an amount for wear and tear.
The more costly type is a ‘new for old’ policy. This means you’ll be paid the full amount for any belongings are lost, stolen or damaged.
The general rule, however, is if in doubt, speak with your insurance provider…better to be safe than out of pocket